U.S. lawmakers have announced a task force to draft regulations for digital assets and stablecoins, aiming to clarify oversight of the crypto sector.
Task Force to Embark on Crypto Regulation Efforts
A bipartisan task force was announced during a press conference on Tuesday to formulate recommendations for crypto regulation. It includes **White House Crypto and AI Czar David Sacks**, **Senate Banking Committee Chair Tim Scott**, and **House Financial Services Committee Chair French Hill**, among others. The group's mandate covers six months, with recommendations expected by late 2025.
Plans for a National Bitcoin Reserve
The Trump administration is evaluating a national Bitcoin reserve proposal, overseen by David Sacks. While details are sparse, the initiative aims to explore Bitcoin’s role in federal financial strategy.
Stablecoin Regulation and Market Response
Senator **Bill Hagerty** introduced a stablecoin bill outlining federal or state oversight for issuers. The bill mandates issuers hold cash or cash-equivalent reserves for 1:1 redemptions. Market reaction was cautious, but many acknowledged that clear rules could help protect consumers.
The formation of the task force aligns with global moves to regulate crypto markets. Success hinges on bridging ideological gaps between federal and state authorities. The aim is to finalize regulations ahead of the upcoming election season.
