Rep. Bryan Steil, a prominent voice in the U.S. legislative landscape for cryptocurrency, has called for a halt on the practice of inserting unrelated items into key crypto bills, a move he argues is obstructing the establishment of a comprehensive regulatory framework for the burgeoning industry. Speaking at the Bitcoin 2025 conference in Las Vegas on May 27, Steil, a Republican from Wisconsin and chair of the House Financial Services Subcommittee on crypto, expressed concern over this legislative clutter.
Legislation Entangled: A Call for Focus
In a climate where legislative process often finds itself bogged down by tangential issues, Steil’s plea for restraint resonates with those eager for clear-cut crypto regulation. He emphasized the importance of focusing strictly on the matters at hand—like the much-debated Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) and a proposed crypto market structure bill—without detours into unrelated territory. “We have to restrain ourselves from that instinct and attempt by our colleagues—both sides of the aisle,” Steil remarked, underscoring the bipartisan nature of this issue.
The GENIUS Act, designed to regulate stablecoins, faced a temporary setback when Democratic lawmakers withdrew their support on May 8, citing potential conflicts with former President Donald Trump’s crypto ventures. However, the bill has since advanced with a Senate procedural vote on May 20, indicating a renewed momentum.
Political Dynamics and Industry Implications
The political tug-of-war over crypto legislation highlights a broader narrative: the United States’ struggle to keep pace with an industry evolving at breakneck speed. Democratic Senator Mark Warner, echoing Steil’s sentiments, has been vocal about the necessity for America to take a leading role. “If American lawmakers don’t shape it, others will—and not in ways that serve our interests or democratic values,” Warner warned, pointing to the global race in blockchain adoption. This sentiment is echoed in U.S. Congress Braces for Intense Debate Over Crypto Legislation This Summer, which outlines the anticipated legislative battles.
Steil acknowledged the efforts of Democratic colleagues to bridge the gap in understanding the crypto sector’s challenges, especially regarding regulation under the Biden administration. This is a significant shift from the previous Congress, where over 70 Democrats signaled a need for clarity by supporting the Financial Innovation and Technology for the 21st Century Act (FIT21) in May 2024. Although FIT21 didn’t make it into law, it set the stage for future discussions.
Looking Forward: Opportunities and Challenges
The legislative landscape for crypto in the U.S. remains a dynamic field. With new proposals like the crypto market structure bill introduced on May 5 by House Agricultural and Financial Services Committee chairs Glenn Thompson and French Hill, the potential for innovative regulatory frameworks is palpable. Steil sees this as an opportunity to explore “interesting, creative ideas” that could shape the future of digital assets. For a deeper dive into the regulatory implications, see The SEC Can Learn From the IRS in Making Regulation Simpler for Crypto.
Yet, the road ahead is not without hurdles. The crypto community remains watchful, wary of how political influences might sway the outcome of these legislative efforts. The interplay between innovation and regulation continues to raise questions about whether lawmakers can effectively balance these priorities without stifling growth.
As the August recess looms, the clock is ticking for Congress to make significant strides toward establishing a regulatory environment that nurtures innovation while safeguarding consumer interests. The outcome of these legislative efforts will undoubtedly leave a lasting imprint on the trajectory of the U.S. crypto market, raising the stakes for all involved.
In this rapidly evolving landscape, one thing is clear: the conversation around crypto regulation is far from over. As lawmakers grapple with the complexities of this digital frontier, the world watches closely, anticipating how these decisions will shape the future of finance.
Source
This article is based on: Rep. Steil urges restraint on adding ‘non-germane items’ to crypto bills
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
