PANews reported on February 5 that according to The Block, US lawmakers are forming a working group, including members of key committees of the House of Representatives and the Senate, to develop a regulatory framework for digital assets and stablecoins. At a press conference on Tuesday, David Sacks, head of the White House's artificial intelligence and cryptocurrency affairs, announced the formation of this bicameral working group together with Senate Banking Committee Chairman Tim Scott, Senate Agriculture Committee Chairman John Boozman, House Financial Services Committee Chairman French Hill, and House Agriculture Committee Chairman GT Thompson.
The Senate is already moving forward with stablecoin regulation. Senator Bill Hagerty introduced a bill on Tuesday that would create a regulatory framework, including parameters for whether issuers are regulated by the federal government or state governments. Hill said future stablecoin bills will be "very similar" to the Senate's proposal. Hill said at a press conference on Tuesday that future bills regulating the overall market structure of cryptocurrencies will be similar to the Financial Innovation and Technology Act for the 21st Century (FIT21), and emphasized its bipartisan support.
