Bipartisan U.S. Lawmakers Form Digital Assets Working Group

U.S. Lawmakers Launch Bipartisan Digital Assets Working Group, Plan Regulatory Framework

The U.S. government is taking significant steps towards establishing a clear regulatory framework for digital assets, with a bipartisan group of lawmakers announcing the formation of a working group dedicated to developing comprehensive legislation for digital assets and stablecoins. This initiative involves key members from the House Financial Services Committee, House Agriculture Committee, Senate Banking Committee, and Senate Agriculture Committee.

Arkansas Representative French Hill, who chairs the House Financial Services Committee, revealed that the group would operate on a bicameral basis, aiming to ensure that the U.S. remains competitive in the realm of financial technology and digital assets. The working group is distinct from the one proposed by U.S. President Donald Trump, which focused on preventing the U.S. government from issuing a central bank digital currency and studying the creation of a national crypto stockpile.

David Sacks, the U.S. AI and crypto czar appointed by President Trump, has emphasized the administration's commitment to advancing legislation through Congress within the next six months to provide a clear regulatory framework for digital assets. Sacks has also revealed that a top priority is to evaluate the feasibility of a Bitcoin reserve.

Ripple's CEO, Brad Garlinghouse, has expressed excitement about the recent changes happening in the U.S. crypto market, calling them a "big deal." His enthusiasm follows David Sacks' push for clearer rules and regulations for cryptocurrencies like Bitcoin and XRP. Garlinghouse believes that this united effort shows that Washington is finally taking crypto seriously and working on rules that will provide more certainty for businesses and investors.

Key lawmakers, including those from the Senate and the House of Representatives, are now backing legislation to bring clearer rules for crypto. Garlinghouse is particularly pleased with this development, as it shows a growing commitment to passing legislation that will provide more certainty for businesses and investors in the crypto space.

Despite some uncertainties, Garlinghouse remains confident in the future of crypto in the U.S. He believes that the push for clearer regulations is a crucial step in the right direction. As for XRP, crypto experts EGRAG Cryptopredictit could see price increases soon, possibly reaching $4–$5 in the near future. While $20 might be a stretch, the outlook for XRP remains optimistic.