Republicans Launch Crypto Task Force—Here’s What’s on the Agenda

Last Updated on February 5, 2025

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Key Takeaways:

  • Republicans launched a bicameral working group to shape crypto and stablecoin legislation, separate from Trump’s executive orders on Bitcoin reserves.
  • Lawmakers from four congressional committees will collaborate to advance digital asset regulation in the U.S.
  • The group may push forward prior crypto legislation, including the Financial Innovation and Technology for the 21st Century Act and a stablecoin bill.

Republican lawmakers have formed a new bicameral working group focused on developing cryptocurrency and stablecoin legislation.

Announced on February 4 by Representative French Hill, the initiative brings together members from four key congressional committees: the House Financial Services Committee, House Agriculture Committee, Senate Banking Committee, and Senate Agriculture Committee.

The goal is to ensure the U.S. remains competitive in financial technology and digital assets.

This working group is separate from a Trump-led initiative responding to his January 23 executive order, which sought to block a central bank digital currency (CBDC) and explore a national Bitcoin reserve.

Many of Trump’s executive orders, issued since his return to office on January 20, are currently facing legal challenges.

Representative Glenn Thompson indicated that the working group could help advance the Financial Innovation and Technology for the 21st Century Act, passed by the House in 2024, with plans to reintroduce a revised version in the 119th Congress.

Additionally, lawmakers may revisit a stablecoin bill proposed by Senator Bill Hagerty.

Trump’s AI and crypto advisor, David Sacks, noted that evaluating a national crypto reserve remains a potential priority for the administration’s executive branch.

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