U.S. Representative Bryan Steil (R-WI) argues Congress should advance stablecoin regulation and crypto market structure legislation in tandem.
Steil contends the two areas are interconnected and progress together benefits both the stablecoin and broader crypto sectors.
Senate Momentum, Trump Deadline Fuel Push for Action
Steil expressed his opinion during a recent podcast, highlighting the increased energy from the Senate toward the stablecoin bill after President Donald Trump urged the bill to be ready before the August recess.
Trump’s request fueled speculation among crypto watchers about imminent bills potentially redefining the U.S. crypto landscape. Steil, who chairs the House Financial Services Subcommittee covering digital assets, fintech, and AI, views the Senate as a partner and plans to match their pace.
Related: Senator Hagerty’s GENIUS Act Aims to Pass Stablecoin Bill in 100 Days
He aims to advance both stablecoin and market structure bills concurrently, anticipating Senate support to meet Trump’s August target.
Navigating the Legislative Path: Genius Act vs. Stable Act
Steil outlined the process for passing these key pieces of legislation. He noted significant support for the Genius Act, introduced in the Senate by Senator Bill Hagerty (R-TN). In the House, Steil partnered with Rep. French Hill (R-AR) to sponsor the Stable Act, and an updated version is planned that aims to align more closely with the Senate bill.
Steil anticipates both the House and Senate passing their respective versions before reconciling differences to craft a single, final bill for passage in both chambers.
Steil: Careful Process Key to ‘Getting Rules Right’
This detailed legislative path, while potentially seeming lengthy to some industry observers, allows lawmakers to focus on “getting things right,” according to Steil.
Related: U.S. Senate Committee OKs Stablecoin Bill, Balancing State & Federal Roles
He clarified the objective isn’t just speed, but working accurately to deliver sound, effective legislation for the digital asset space.
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