In the U.S. House of Representatives, Bryan Steil, who serves as a representative for Wisconsin’s 1st congressional district, has been appointed to head a subcommittee specializing in digital assets. This role was previously held by Arkansas Representative French Hill.
According to a statement made on January 9th, Representative Hill announced that the Wisconsin legislator will assume his role as chairman of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence during the 119th session of Congress. In simpler terms, Rep. Hill stated that the Wisconsin lawmaker would take over his position as head of this specific subcommittee in the upcoming congressional session.
Originally, the Arkansas representative was the chairperson of a subcommittee, but following the decision of Patrick McHenry not to run again in 2024, they will assume leadership of the entire House Financial Services Committee.
In a statement made in 2024, Hill emphasized that one of the main objectives for the full committee by 2025 would be establishing a system of rules governing digital assets. During a hearing in September 2024, Steil underscored the urgency of U.S. legislators in advancing the development of a regulatory framework for cryptocurrencies.
Representative Steil, who’s been in the House since 2019, has declared no cryptocurrency investments in his disclosures to the US government. Yet, the political action committee (PAC) Fairshake, backed by crypto, spent over $760,000 on a media campaign boosting Steil’s reelection in Wisconsin, opposing Democrat Peter Barca.
Steil and Hill received their new committee roles just as legislators took their oath for the fresh session of the U.S. Congress on January 3rd. Some crypto advocacy groups propose that approximately 298 congresspeople, a significant number of whom benefited from multi-million dollar media campaigns funded by PACs, could be considered “pro-crypto.
Before President-elect Donald Trump’s inauguration on January 20th, both the House and Senate are actively progressing with their plans. It is anticipated that the newly elected Republican leader might issue at least one executive order concerning digital assets on his initial day in office.
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2025-01-09 21:40