Source: Cointelegraph.com NewsUS Representative Bryan Steil wants lawmakers to stop adding \u201cnon-germane items\u201d into two key crypto bills, claiming that doing so is slowing the implementation of a regulatory framework for the industry.
\n\u201cIndividuals, when they see legislation that\u2019s going to move forward, want to attach non-germane items to any bill that\u2019s going to move through and be signed into law,\u201d Steil, a Republican from Wisconsin who chairs the House Financial Services Subcommittee on crypto, told Cointelegraph at the Bitcoin 2025 conference in Las Vegas on May 27.
\n\u201cWe have to restrain ourselves from that instinct and attempt by our colleagues \u2014 both sides of the aisle,\u201d he added.
\nCongress\u2019s biggest crypto backers hope to pass the stablecoin-regulating Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, and a crypto market structure bill before a month-long August recess.
\nDemocratic lawmakers had pulled support for the GENIUS Act on May 8, citing concerns about US President Donald Trump\u2019s crypto ventures potentially conflicting with his presidential duties<\/p>\n
Stable Coin and Market Structure legislation will unlock the golden age of digital assets. pic.twitter.com\/lSbX5p2Wqt\u2014 Bryan Steil (@RepBryanSteil) May 27, 2025<\/p>\n
While the GENIUS Act eventually moved forward in the Senate with a May 20 procedural vote, Steil said the concerns related to Trump aren\u2019t relevant to the bills themselves. Source: Cointelegraph.com NewsUS Representative Bryan Steil wants lawmakers to stop adding \u201cnon-germane items\u201d into two key crypto bills, claiming that doing so is slowing the implementation of a regulatory framework… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/130140"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=130140"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/130140\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=130140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=130140"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=130140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\u201cThey\u2019re not germane to the legislative text. The legislative text is focused on putting forward a regulatory framework in which we can enforce actions to strengthen this broader market, in particular to the benefit of American consumers and innovation and development here.\u201d
\nDemocratic Senator Marker Warner voiced a similar sentiment before the GENIUS Act passed on May 19, stating that the US couldn\u2019t \u201cafford to keep standing on the sidelines\u201d while the crypto industry evolves.
\n\u201cWe cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay,\u201d Warner said. \u201cIf American lawmakers don\u2019t shape it, others will \u2014 and not in ways that serve our interests or democratic values.\u201d
\nSteil credits Democrats
\nSteil acknowledged that Democratic lawmakers have made an effort to better understand the crypto industry\u2019s gripes with how the Biden administration handled regulation and enforcement of the sector.
\nHe said the political landscape and nature of crypto-related negotiations \u201clooked a little different,\u201d but over 70 Democrats in the last Congress signaled the need for clear crypto rules when the Financial Innovation and Technology for the 21st Century Act (FIT21) passed the House in May 2024.
\nRelated: Trump supports bill to buy 1 million BTC \u2014 Senator Lummis
\n\u201cI think that was a great practice run,\u201d said Steil.
\nThe FIT21 Act wasn\u2019t enacted before the end of the last Congress However, House Agricultural and Financial Services Committee chairs Glenn Thompson and French Hill introduced a new crypto market structure bill on May 5 that aims to build on FIT21.
\nIf lawmakers pass those bills, they will have the opportunity to explore a lot of other \u201cinteresting, creative ideas\u201d in the space, Steil said.
\nMagazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story
\nAdditional reporting by Turner WrightRead More<\/a><\/p>","protected":false},"excerpt":{"rendered":"