New Era for Bitcoin, Altcoins, and Stablecoins: US Speeds Up Crypto Laws! - Coin Bulletin

The US House of Representatives and Senate are forming a joint working group to expedite cryptocurrency legislation.

The crypto czar appointed by President Donald Trump, David Sacks, said at a press conference in Washington, 'We will ensure that America becomes a leader in digital assets'.

Sacks has set a crypto-friendly agenda in Congress, along with the chairs of committees that will work on digital asset laws. Emphasizing that crypto is a priority for governance from the first week", Sacks said, "I look forward to working together to usher in a golden age in digital assets"**.

The first step of this plan was taken with the sharing of the details of the stablecoin bill in the Senate. Tennessee Senator Bill Hagerty proposed a structure where stablecoin issuers would be accountable to both state and federal regulators. The main regulators of this regulation will be the Federal Reserve and the Currency Supervision Office.

Senate Banking Committee Chairman Tim Scott stated that stablecoin legislation will be a top priority. In addition, House Financial Services Committee Chairman French Hill and Agriculture Committee Chairman Glenn “GT” Thompson announced that a bill similar to the Financial Innovation and Technology Act (FIT21) adopted last year will be advanced.

Sacks emphasized the need for the US to hold onto crypto innovation. "All financial assets will turn into digital. We want this transformation to happen in the US, we don't want to lose it to other countries" said. These statements were Sacks' first official speech after taking office as the crypto and artificial intelligence czar.