House Financial Services lawmakers praise Trump’s executive orders on digital assets, emphasizing innovation, financial privacy, and a U.S.-led global approach.
Key Lawmakers Back Trump’s Digital Asset Orders
House Financial Services Committee Chairman French Hill and Digital Assets Subcommittee Chairman Bryan Steil commended President Donald Trump’s Executive Orders on digital financial technology. The lawmakers, in a joint statement on Jan. 24, highlighted the administration’s proactive approach to ensuring the United States maintains global leadership in the digital asset market.
The orders also establish the President’s Working Group on Digital Asset Markets, which seeks collaboration among Congress, regulatory agencies, and officials to develop effective digital asset policies. Hill and Steil emphasized its role in addressing past regulatory challenges.
Criticism of Past SEC Actions
The lawmakers criticized the enforcement-heavy approach of former SEC Chair Gary Gensler. They argued that his leadership hurt the digital asset sector, stating:
As former SEC Chair Gensler continually ruled by enforcement, we worked tirelessly to combat the agency’s harmful actions against the digital asset ecosystem and pass meaningful legislation that would create a functional regulatory framework for digital assets.
Hill and Steil advocated for supportive regulations that promote innovation while safeguarding investors.
Opposition to CBDCs and Focus on Privacy
Both lawmakers reiterated their commitment to blocking central bank digital currencies (CBDCs), citing risks to financial privacy. Praising the alignment with Trump’s orders, they added:
President Trump’s Executive Order solidifies that we are in lockstep when it comes to protecting the financial privacy of Americans.
Collaboration and Future Goals
Looking forward, Hill and Steil expressed optimism about working with the Trump administration to advance digital asset legislation. Their aim is to provide regulatory clarity and strengthen the United States’ role as a global innovator in digital finance.
Stay updated on this developing legislation and its potential impact on digital asset markets.
