Bryan Steil, the lawmaker from Wisconsin’s 1st district, has been appointed as the new chair of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence in the U.S. House of Representatives.
This follows the tenure of Arkansas Representative French Hill. Hill will now lead the full House Financial Services Committee.
Steil's focus will be on establishing a regulatory framework for digital assets, which Hill has highlighted as a priority. Steil emphasized the urgency for U.S. lawmakers to create a comprehensive regulatory structure for cryptocurrencies during a hearing in September 2024.
Steil has not personally invested in cryptocurrencies, but his reelection campaign received significant backing from the crypto-backed political action committee (PAC) Fairshake. Many lawmakers in both the House and Senate have received support from PACs advocating for cryptocurrency.
There is speculation that President-elect Donald Trump may sign an executive order related to digital asset policy.
The evolving landscape of digital assets requires lawmakers to balance innovation with consumer protection and market stability. The Subcommittee on Digital Assets, under Steil's leadership, will work with industry stakeholders, regulatory agencies, and consumer advocacy groups to craft a regulatory framework.
The actions taken by Congress and the new administration will shape the trajectory of digital assets in the U.S. and globally.