US Congress to Form Virtual Asset Legislative Task Force to Discuss Promotion Measures and Regulatory Framework

by Lee Seunghyeong

Published 05 Feb.2025 09:24(KST)

Announcement by House Financial Services Committee Chairman at the U.S. Capitol

AP Yonhap News

A working group to discuss legislation for promoting cryptocurrency and establishing a regulatory framework will be established in the U.S. Congress.

On the 4th (local time), House Financial Services Committee Chairman French Hill held a press conference at the U.S. Capitol in Washington, D.C., stating that bipartisan lawmakers will form a working group to develop policies that promote the advancement of digital assets.

Chairman Hill said that the new cryptocurrency-related legislation to be created by the bipartisan lawmakers participating in the working group will "provide clarity to the regulatory framework."

David Sachs, the White House cryptocurrency and artificial intelligence (AI) policy czar, also attended the press conference that day.

During the last presidential election, President Trump, who declared he would become the "cryptocurrency president," instructed last month the formation of a government-led cryptocurrency working group composed of heads of relevant agencies. Through this working group, regulations related to digital assets will be established, and plans to review national-level cryptocurrency reserves will be considered.