Rep. Bryan Steil to lead US House subcommittee on digital assets amid calls for clearer crypto rules
Quick Take
- The Wisconsin Republican will lead the House’s Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence.
- The House’s digital assets subcommittee has been instrumental in moving crypto-related bills and has held several hearings focused on crypto over the years.
Rep. Bryan Steil, who previously criticized regulators' approach to crypto, has been picked to lead the U.S. House Financial Service Committee's digital asset panel.
The Wisconsin Republican will lead the Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence, according to a statement released by the House Financial Services Committee on Thursday.
Hill, who was voted by Republicans to lead the full House Financial Services Committee last month, announced new leadership within that committee and said the committee would prioritizing writing rules for crypto. Hill previously led the committee's digital asset panel.
"Together, we will right-size the regulatory system for particularly community banks, create a regulatory framework for digital assets that will protect investors and consumers while keeping innovation in America, and ensure agencies are focused on their core statutory directed missions and not political agendas that we have seen from many of the Biden-Harris agency leads," Hill said in a statement.
The House's digital assets subcommittee has been instrumental in moving crypto-related bills and has held a number of hearings focused on crypto over the years. Two key bills were passed out of the committee, one that regulates stablecoins on the federal level and another that takes a more comprehensive approach to regulating crypto, called FIT21.
Steil voted for both FIT21 and the stablecoin bill as a member of the House Financial Services committee. Crypto advocacy group Stand with Crypto gave Steil an "A" grade for his stance on crypto, citing comments he has made over the past few years.
Steil has been particularly critical of the U.S. Securities and Exchange Commission, which has had a tense relationship with the crypto industry under SEC Chair Gary Gensler.
"@GaryGensler puts American investors at risk by failing to provide clarity on digital assets rules," Steil said in April 2023, in a post on X.
Gensler announced in November that he would be stepping down on Jan. 20, the day of President-elect Trump's inauguration. Trump tapped crypto-friendly former regulator Paul Atkins to lead the SEC, who would still need to be confirmed by the Senate.
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