Representative Bryan Steil, Chairman of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, believes the United States has a prime opportunity to embrace blockchain technology, Web3, and cryptocurrency through legislation under a shifting political environment.
“My broader philosophical goal here is [as a policymaker]: How do we make sure that the United States is in a position to out-compete the rest of the world?” Steil stated during a February 26 interview with Chainlink Labs. He added, “And while we do that, there are reasonable consumer protections and focusing on making sure that we are the leader in this environment.”
The foundation for this opportunity lies, in part, in two pieces of legislation currently in development: one targeting the regulation of stablecoins, and another that is a strengthened version of the Financial Innovation and Technology for the 21st Century Act (FIT21), focusing on market structure.
Steil suggests the US is at a turning point after four years under the Biden administration and former Securities and Exchange Commission Chair Gary Gensler. While the Biden administration and the SEC faced criticism from the cryptocurrency industry for what they termed “Operation Chokepoint 2.0,” which involved targeting cryptocurrency companies, former President Donald Trump appears to be embracing blockchain technology.
David Sacks, a key figure in the Trump digital asset efforts, has emphasized the importance of stablecoins for the new administration, with a focus on bringing fiat-pegged cryptocurrencies onshore. Stablecoins, often pegged to the US dollar and backed by US Treasurys, could become a vehicle to potentially extend global dominance over the dollar.
Steil highlighted the many compelling use cases for cryptocurrencies, including easing cross-border remittances and reducing transaction costs in areas like real estate. He also mentioned the potential of blockchain solutions for verifying identity, which could enhance confidence in elections.
