Key lawmakers are backing President Donald Trump’s bold stance on digital assets, signaling a major shift in U.S. financial policy and innovation leadership.
Lawmakers Applaud Digital Asset Orders
House Financial Services Committee Chairman French Hill and Digital Assets Subcommittee Chairman Bryan Steil have voiced strong support for President Trump’s recent executive orders on digital financial technology. In a joint statement on January 24, they praised the administration’s efforts to keep the U.S. at the forefront of the global digital asset sector.
Hill and Steil highlighted the formation of the President’s Working Group on Digital Asset Markets, emphasizing its role in fostering collaboration among Congress, government officials, and regulatory agencies. This initiative aims to develop effective policies that support innovation while ensuring consumer protection.
Criticism of Past Regulatory Approaches
Reflecting on past regulatory challenges, Hill and Steil criticized the enforcement-driven approach of former U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. They argued that Gensler’s stringent enforcement actions harmed the digital asset ecosystem, prompting them to push for meaningful legislation that provides a clear regulatory framework.
They emphasized the need to replace punitive measures with supportive regulations to promote innovation while safeguarding investors.
Stance Against Central Bank Digital Currency (CBDC)
The lawmakers reaffirmed their opposition to the creation of a central bank digital currency (CBDC) in the U.S. They believe a CBDC could pose risks to financial privacy and have pledged to prevent its implementation.
Praising President Trump’s commitment to protecting financial privacy, Hill and Steil stated: “President Trump’s Executive Order confirms our shared goal of safeguarding Americans’ financial information.”
Looking Forward: A Collaborative Effort
Hill and Steil expressed optimism about collaborating with the Trump administration to develop a comprehensive legislative framework for digital assets. They are committed to ensuring the U.S. remains a leader in digital financial innovation while providing necessary consumer protections.
“As leaders in digital asset policy, we are eager to work with the administration to craft legislation that delivers clarity and security for consumers and investors,” they stated.
