House Financial Services Committee Chairman French Hill and Digital Assets Subcommittee Chairman Bryan Steil have commended President Donald Trump for his recent Executive Orders concerning digital financial technology. In a joint statement issued on January 24, the lawmakers expressed their appreciation for the administration’s dedication to preserving U.S. leadership in the global digital asset landscape. They emphasized the significance of the newly formed President’s Working Group on Digital Asset Markets, highlighting its ability to promote collaboration among Congress, key officials, and agencies to develop effective policies.

Reflecting on previous difficulties in regulating digital assets, Hill and Steil criticized the enforcement-centric strategy adopted by former U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. They remarked: “As former SEC Chair Gensler consistently prioritized enforcement, we diligently worked to counteract the agency’s detrimental actions against the digital asset ecosystem and to advocate for meaningful legislation that would establish a functional regulatory framework for digital assets.”

The lawmakers stressed the necessity of substituting punitive enforcement measures with transparent and supportive regulations to foster innovation while ensuring the protection of consumers and investors. Additionally, they reiterated their commitment to opposing the issuance of a central bank digital currency (CBDC) in the United States, viewing it as a potential risk to financial privacy.

In acknowledging President Trump’s alignment with their objectives, they stated: “President Trump’s Executive Order reinforces our shared commitment to safeguarding the financial privacy of Americans.” Looking ahead, Hill and Steil conveyed optimism about collaborating closely with the administration to enhance the legislative framework for digital assets. They asserted: “As leaders of this Committee on digital assets, we eagerly anticipate working with the Trump Administration to coordinate the development of legislation that provides essential clarity and protections for consumers and investors, while ensuring the United States remains a leader in digital financial innovation.”