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Bryan Steil: “We put out our discussion draft on stablecoins.”

Featuring: Bryan Steil, Republican | U.S. House, Wisconsin, District 1

U.S. Representative Bryan Steil and Sergey Nazarov on the Future of Blockchain Technology in America.

Published February 27, 2025 | Video Starts at 21:38

Thank you very much. Thank you for coming here to speak with us. Can I add one thing as we end just on our side is we navigate through this space and We put out our discussion draft on stablecoins. We're discussing where fit21, the market structure bill will go. We know we have a very new political landscape, so we're not fully bound to the decisions that were made … (21:38–21:42)

CLAIM

Asserts that a discussion draft on stablecoins has been released.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Bryan Steil

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“The exciting part is after four long years of the Biden administration with Gary Gensler at the SEC and Elizabeth Warren with a louder voice…”
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“Senator Haggerty who also serves in Senate banking introduced his legislative tax about 80% similar some changes that we'll have to go…”
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“We're going to have better regulators under the Trump administration that are forward thinking, that are embracing this technology.”
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“President Biden put forward regulators, they're really hostile to crypto, to blockchain, and in particular the United States.”
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“If you have Gary Gensler come in and say, here's how I'm going to differentiate security from a non security. He was pushing people into say…”
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“It stifled the area of innovation, where we wanted capital to be deployed.”
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“It further pushed things offshore.”
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“You'd see fit 21amarket structure bill come before the House. You have a compromise bill between Maxine waters and Patrick McHenry. It…”
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“I think what you'll see is a growing bipartisan support inside this space because in many ways it's nonpartisan in nature.”
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“There weren't enough consumer protections in place [for FTX], but also a recognition that there were decisions and policy decisions made…”
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“How do we put forward a regulatory framework that's actually encouraging companies to onshore?”
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“You see that in the stablecoin legislation. Right. I mean that this is really an opportunity to increase people's confidence in the space.”
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“The benefits to the US Dollars being the world reserve currency is an additional benefit in that regard [of stablecoins].”
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“The federal government is built to be reactive.”
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“We're being slightly reactive in a timeline sense, but I think we're being proactive of putting a framework in place [for the stablecoin…”
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“Often following a crisis, you're before a full understanding as to why that crisis occurred.”
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“You can often put forward regulations that don't actually address the previous crisis, but put roadblocks and impediments in to future…”
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“I serve as chairman of the committee on administration for the House, which oversees federal election law.”
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“In utilizing blockchain technology to enhance security, to enhance transparency, I think there's actually a fascinating use case in that…”
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“There's going to be and should be significant investment in this space [real estate] and someone, somebody in the private sector is going to…”
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“French Hill and I have introduced a discussion draft [of the digital assets, the stablecoin bill].”
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“We're discussing where fit21, the market structure bill will go.”
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