US Representative French Hill, a Republican who chairs the House Financial Services Committee, said on Tuesday lawmakers from both chambers of congress would form a working group to develop policy favoring development of digital assets.
New legislation will deliver "clarity for a regulatory framework," Hill said at a Capitol Hill news conference, joined by White House crypto and artificial intelligence czar David Sacks as well as other lawmakers.
US President Donald Trump in January ordered formation of a cryptocurrency working group comprised of agency heads tasked with proposing new digital asset regulations and exploring creation of a national cryptocurrency stockpile. On the campaign trail, Trump courted crypto cash by pledging to be a "crypto president" and promote adoption of digital assets. Trump also has his own crypto token.
Sacks said Trump had made studying a possible strategic crypto reserve a priority for a working group in the executive branch. "We're still in the very early stages of this, but that's one of the first things we're going to look at," he said.