Catenaa, Monday, April 14, 2025- US lawmakers are accelerating efforts to regulate digital assets, aiming to pass stablecoin and market structure bills amid signs the Department of Justice (DOJ) is pulling back from crypto enforcement.
During a Wednesday hearing, members of the House Financial Services Committee emphasized the urgency of establishing clear legal standards for digital assets. Committee Chair French Hill, R-Ark., urged Congress to build on recent momentum and create a comprehensive framework for crypto markets.
Lawmakers are advancing two key pieces of legislation: one regulating stablecoins and another addressing overall market structure. While the stablecoin bill has already garnered bipartisan support, the more complex market structure proposal — modeled after the Financial Innovation and Technology for the 21st Century Act — remains under discussion.
Rep. Bryan Steil, R-Wis., called both bills “linked,” and said President Donald Trump wants them passed swiftly.
The urgency comes as the Justice Department appears to retreat from active crypto litigation. Deputy Attorney General Todd Blanche stated this week that the DOJ is “not a digital assets regulator,” prompting concern from Democrats like Rep. Sylvia Garcia, D-Texas.
Some lawmakers, including Rep. Brad Sherman, D-Calif., said decades-old legal standards like the Howey Test are ill-suited for regulating modern crypto assets. Sherman, a frequent crypto critic, acknowledged the need for updated laws crafted for the digital age.
The House Agriculture Committee is also involved, collaborating with Financial Services to finalize market structure legislation expected to be introduced soon.
