WASHINGTON— House Financial Services Committee Chair French Hill (R-AR) said lawmakers from both sides of congress plan to form a working group to develop policy favoring development of digital assets, Reuters reported.
New legislation will deliver "clarity for a regulatory framework," Hill said at a Capitol Hill news conference, Reuters said.
President 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.
Former President Joe Biden's regulators sought to protect Americans from fraud and money laundering with a crackdown on the crypto industry, Reuters added.