Crypto Bills Stalled by Unrelated Provisions Says Steil

US Representative Bryan Steil has urged his colleagues to refrain from adding unrelated provisions to two key cryptocurrency bills, asserting that such actions are impeding the progress of these crucial pieces of legislation. Steil, a Republican from Wisconsin and chair of the House Financial Services Subcommittee on crypto, made these remarks at the Bitcoin 2025 conference in Las Vegas on May 27. He emphasized the need for lawmakers to resist the temptation to attach non-germane items to bills that are likely to be passed into law.

Steil's call for restraint comes as Congress aims to pass two significant crypto bills before the August recess: the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, and a crypto market structure bill. These bills are seen as pivotal in establishing a regulatory framework for the cryptocurrency industry. However, the process has been complicated by the inclusion of unrelated provisions, which Steil believes are slowing down the implementation of necessary regulations.

Democratic lawmakers had initially withdrawn support for the GENIUS Act on May 8, citing concerns about potential conflicts of interest related to US President Donald Trump’s crypto ventures. Despite these concerns, the GENIUS Act moved forward in the Senate with a procedural vote on May 20. Steil clarified that these concerns are not relevant to the legislative text itself, which focuses on creating a regulatory framework to benefit American consumers and foster innovation in the digital asset market.

Democratic Senator Mark Warner echoed Steil's sentiments, stating that the US cannot afford to lag behind in regulating the evolving crypto industry. Warner emphasized the importance of shaping blockchain technology in a way that aligns with American interests and democratic values. Steil acknowledged that Democratic lawmakers have shown a willingness to understand the crypto industry's grievances regarding the Biden administration's regulatory approach. Over 70 Democrats in the last Congress supported the need for clear crypto rules when the Financial Innovation and Technology for the 21st Century Act (FIT21) passed the House in May 2024.

Steil views the FIT21 Act as a valuable exercise that paved the way for the current legislative efforts. Although the FIT21 Act was not enacted before the end of the last Congress, House Agricultural and Financial Services Committee chairs Glenn Thompson and French Hill introduced a new crypto market structure bill on May 5. This bill aims to build on the foundations laid by the FIT21 Act. If these bills are passed, Steil believes lawmakers will have the opportunity to explore innovative ideas in the cryptocurrency space, further advancing the industry's development.