U.S. Representative Bryan Steil (R-WI) called for immediate bipartisan action on digital asset legislation at a joint roundtable held May 6 by the U.S. House Committee on Financial Services and the House Agriculture Committee. Steil, who chairs the Digital Asset Subcommittee, emphasized that the United States risks losing its competitive edge in digital finance if lawmakers fail to act swiftly. The roundtable brought together policymakers and stakeholders to assess regulatory jurisdiction, digital asset classification, and the path toward comprehensive legislative reform.

Steil began by addressing a lack of full participation among committee members, stating:

This legislation is simply too important not to engage in an open and public discussion about how the United States can lead in the Web3 era.

He added: “I remain hopeful they will soon recognize the stakes and the critical importance of robust, nonpartisan engagement in this process.” His remarks served as a call to unify lawmakers around a clear, updated regulatory framework for digital assets, which have been shaped by a rapidly advancing technological landscape since the release of the Bitcoin white paper over 15 years ago.

In his comments, Steil criticized the current federal approach to crypto oversight, stating:

Outdated regulatory frameworks and a ‘regulation by enforcement’ approach under the Biden-Harris Administration have stifled clarity and pushed jobs, investment, and leadership offshore.

He also warned of the risks posed to consumers: “Worse, the uncertainty has exposed consumers to greater risk from fraud and mismanagement.” Asserting the importance of Congress’s role in this space, he continued: “Congress has both the opportunity and responsibility to act.” He concluded with a call to action: “We must pass comprehensive, bipartisan legislation that provides clarity and fosters responsible innovation.”

The discussion also centered on a recently released draft framework based on six principles outlined by Reps. French Hill and GT Thompson. Topics included reducing regulatory fragmentation, clarifying agency roles, and building safeguards for innovation. The House Committee on Financial Services is expected to play a central role in determining the legislative trajectory for U.S. digital asset policy.

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