U.S. House of Representatives Updates Crypto Industry Regulation
Bill introduction expected this week
Rep. Bryan Steil foresees a “golden era” for digital assets

The U.S. House of Representatives is preparing to unveil an updated version of a key bill that defines the framework for the digital asset market, according to two sources familiar with the matter, reported by Crypto in America.

The bill is expected to be formally introduced during a pro forma session—typically held during congressional recesses. While these sessions rarely involve active legislative work, they allow for the formal submission of documents, the media noted.

The update builds upon a legislative initiative originally introduced in early May by a group of Republican lawmakers:

• French Hill, Chair of the Financial Services Committee

• G.T. Thompson, Chair of the Agriculture Committee

• Bryan Steil, Chair of the Subcommittee on Digital Assets

• Dusty Johnson, Chair of the Agriculture Subcommittee on Digital Assets

The bill is considered a foundational regulatory framework for the U.S. crypto market, an industry valued at over $3.4 trillion, according to CoinMarketCap.

“When both bills pass, it will usher in a ‘golden era of digital assets’ in the U.S.,” Congressman Bryan Steil declared at the Bitcoin conference in Las Vegas.

Additionally, on June 4, the House Financial Services Committee is scheduled to hold a hearing on the bill titled “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework.”

Another legislative session is planned for June 10 to discuss amendments to various legislative initiatives, although it remains unclear whether this particular bill will be included.

Meanwhile, the Senate is preparing to review amendments to the bipartisan GENIUS Act, a bill focused on stablecoins. The goal is to pass the legislation before Congress breaks for its August recess.

“I believe stablecoin legislation can be passed in time,” said Coinbase’s Chief Legal Officer Paul Grewal, who also expressed “cautious optimism” regarding broader market structure reforms—though he sees year-end as a more realistic timeline.

As a reminder, the Senate’s backing of the GENIUS Act has prompted Bitwise CIO Matt Hougan to forecast a potential multi-year growth cycle for the crypto market.