The US Congress has formed a working group to develop policy favoring the development of digital assets. The move is aimed at delivering “clarity for a regulatory framework,” according to Republican Representative French Hill, who chairs the House Financial Services Committee.
Hill announced the formation of the working group during a news conference on Capitol Hill, joined by White House crypto and artificial intelligence czar David Sacks and other lawmakers.
The decision comes after US President Donald Trump ordered the creation of a cryptocurrency working group in January. The group will focus on proposing new digital asset regulations and exploring the possibility of creating a national cryptocurrency stockpile.
In contrast to Trump’s approach, former President Joe Biden’s administration took a more restrictive stance towards the industry, cracking down on exchanges that were allegedly flouting US laws. The companies involved have denied the allegations.
The working group is seen as an effort to provide clarity and guidance for businesses operating in the crypto space. With Sacks stating that studying a possible strategic crypto reserve is a priority for the executive branch, it appears that the focus is on finding a balance between regulation and development of the industry.
Source: https://www.reuters.com/world/us/us-congress-form-cryptocurrency-working-group-2025-02-04