- Bryan Steil urges Congress to avoid adding unrelated items to main crypto bills, citing delays in regulatory progress.
- The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) and a crypto market structure bill are under consideration before an August recess.
- Some Democrats withdrew support for the GENIUS Act over concerns about Donald Trump’s crypto activities conflicting with his presidential role.
- Steil and Senator Mark Warner emphasize that new regulations are needed for U.S. competitiveness in blockchain and digital assets.
- The House previously passed the Financial Innovation and Technology for the 21st Century Act (FIT21); new bills seek to expand on its groundwork.
On May 27, Bryan Steil, a Republican from Wisconsin and chair of the House Financial Services Subcommittee on crypto, called for lawmakers to limit unrelated amendments in two upcoming crypto bills. He made this statement during the Bitcoin 2025 conference in Las Vegas, explaining that off-topic additions can slow down the creation of a clear regulatory framework.
Congress is aiming to pass the GENIUS Act, focused on regulating stablecoins, and a broader crypto market structure bill before the August recess. These bills are meant to set clear rules for digital assets and support innovation in the U.S.
Recently, some Democratic lawmakers withdrew support for the GENIUS Act, voicing concerns about potential conflicts between Donald Trump’s crypto dealings and his presidential duties. Steil responded by saying, “They’re not germane to the legislative text. The legislative text is focused on putting forward a regulatory framework in which we can enforce actions to strengthen this broader market, in particular to the benefit of American consumers and innovation and development here.” Similarly, Senator Mark Warner stated before the GENIUS Act’s Senate progress, “We cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay.” He argued that U.S. lawmakers must act to guide blockchain’s evolution in ways that align with American interests and values.
Steil noted that Democrats have increasingly recognized the need for updated crypto rules following the Biden administration’s approach to regulating the sector. More than 70 Democrats signaled support for clearer regulations by backing the FIT21 Act, which the House passed in May 2024.
Although the FIT21 Act was not finalized in the last Congressional session, new bills have been introduced to build upon its objectives. Steil believes that advancing these bills will allow lawmakers to consider further innovations in digital assets and blockchain technology.
For more, see Senator Warner’s statement on the GENIUS Act.
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