Advocacy for Cryptocurrency Regulation
Representative Bryan Steil, a Republican from Wisconsin and the chair of the House Financial Services Subcommittee on cryptocurrency, is advocating for lawmakers to avoid incorporating unrelated provisions into two pivotal cryptocurrency bills. During the 2025 conference held in Las Vegas on May 27, Steil pointed out that such additions hinder progress toward establishing a comprehensive regulatory framework for the industry.
Challenges with the GENIUS Act
He noted a pattern where non-relevant amendments are often tethered to legislation poised for approval and urged bipartisan restraint among his colleagues. The primary objective for pro-crypto members of Congress is to pass the Guiding and Establishing National Innovation for US Stablecoins Act, referred to as the GENIUS Act, alongside a proposed structure for the cryptocurrency market before the upcoming legislative recess in August.
The GENIUS Act recently faced challenges as Democratic lawmakers retracted their endorsement on May 8, concerned about the implications of former President Donald Trump’s crypto business involvement and how it may impact his presidential duties. Nevertheless, following a procedural vote on May 20, the bill made headway in the Senate. Steil defended the content of the bills, asserting that Trump’s matters should not detract from the legislation aimed at creating a more robust regulatory environment that benefits American consumers and promotes innovative growth in the sector.
Bipartisan Support and Political Insight
Senator Mark Warner, a Democrat, aligned with Steil’s viewpoint, emphasizing the U.S.’s role in guiding the evolving cryptocurrency landscape to safeguard national interests and uphold democratic principles before the GENIUS Act’s advancement on May 19.
Furthermore, Steil recognized the efforts made by certain Democratic lawmakers who are increasingly attuned to the concerns of the crypto community regarding the Biden administration’s regulatory stance. He highlighted the changing political landscape, referencing that over 70 Democrats had shown prior support for clear regulations when the Financial Innovation and Technology for the 21st Century (FIT21) act was passed by the House in May 2024. Although FIT21 did not transition into law before the last Congress concluded, its foundation inspired a new crypto market structure bill introduced by House Committee chairs Glenn Thompson and French Hill on May 5.
Steil expressed optimism that the successful passage of these bills would pave the way for legislative exploration of fresh ideas in the cryptocurrency domain.
