Rep. Bryan Steil Urges Congress to Keep Crypto Bills Focused and Free of Political Distractions

At the Bitcoin 2025 conference in Las Vegas on May 27, U.S. Representative Bryan Steil (R-WI) delivered a strong message to fellow lawmakers: stop adding unrelated political items to key cryptocurrency bills. Steil, who chairs the House Financial Services Subcommittee on crypto, argued that these distractions are slowing the development of a much-needed regulatory framework for the growing crypto sector.

“Individuals, when they see legislation that’s going to move forward, want to attach non-germane items to any bill that’s going to move through and be signed into law,” Steil told Cointelegraph. “We have to restrain ourselves from that instinct and attempt by our colleagues — both sides of the aisle.”

You can see Steil’s statement here on X (Twitter):

https://x.com/RepBryanSteil/status/1927396140577702095

The Bills at the Center of the Debate

Two key pieces of crypto legislation are currently in play:

The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) — focused on stablecoin regulation

A new crypto market structure bill — building on the earlier Financial Innovation and Technology for the 21st Century Act (FIT21)

Congress’s crypto advocates hope to pass both bills before the August recess. But progress has been rocky. On May 8, Democratic lawmakers pulled support from the GENIUS Act, citing concerns that former President Donald Trump’s crypto ventures could conflict with his presidential duties.

Even so, the GENIUS Act advanced with a procedural Senate vote on May 20. Steil stressed that the Trump-related concerns are beside the point. “They’re not germane to the legislative text,” Steil said. “The legislative text is focused on putting forward a regulatory framework in which we can enforce actions to strengthen this broader market, particularly to benefit American consumers, innovation, and development here.”

Bipartisan Voices Call for Action

Democratic Senator Mark Warner (D-VA) echoed similar urgency before the GENIUS Act passed on May 19. Warner warned that the U.S. risks falling behind if it doesn’t actively shape the future of crypto and blockchain.

“We cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay,” Warner said. “If American lawmakers don’t shape it, others will — and not in ways that serve our interests or democratic values.”

Steil also credited Democrats for making progress in understanding the crypto industry’s concerns, particularly regarding the Biden administration’s approach to crypto regulation. More than 70 Democrats in the last Congress supported clearer crypto rules when FIT21 passed the House in May 2024 — though the bill ultimately wasn’t enacted before the session ended.

What’s Next for U.S. Crypto Regulation?

Building on FIT21’s groundwork, House Agricultural Committee Chair Glenn Thompson and Financial Services Committee Chair French Hill introduced a new crypto market structure bill on May 5. Steil sees it as a critical next step.

“I think that was a great practice run,” Steil said, referring to FIT21. He added that if lawmakers pass these new bills, they’ll open the door to exploring a wide range of “interesting, creative ideas” in the crypto space.

As the crypto industry continues to mature, Steil’s message remains clear: Congress needs to focus on smart, focused regulatory frameworks — and avoid letting political distractions slow down progress.