U.S. Rep. Bryan Steil to Chair House Subcommittee on Cryptocurrencies

A Wisconsin congressman will lead the House subcommittee on digital assets, financial technology and artificial intelligence.

Bryan Steil, a Republican representing the 1st Congressional District in southeastern Wisconsin, was appointed on the docket Thursday.

Its subcommittee’s purview includes things like mobile banking and non-fungible tokens, or NFTs. This will also be the first step in cryptocurrency legislation.

Digital currencies have a dark federal regulatory status. This allowed President Joe Biden’s Securities and Exchange Commission chairman Gary Gensler take on the crypto industry.

The industry responded by spending more than $130 million in the 2024 election cycle through his PAC, Fairshake.

He spent $764,206 to independently help re-elect Steil, according to the campaign finance database Open Secrets.

In a statement, Steil said “technologies such as financial applications, digital assets and machine learning are revolutionizing our economy,” adding that he looks forward to continuing “to provide the rules of the road to advance our economy towards the future.

Steil was appointed to his new role by Home Financial Services Speaker French Hill, R-Arkansas. Hill’s best campaign contributors Among them are the CEOs of cryptocurrency exchange Coinbase and Charles Schwab Corporation.

One of his legislative priorities was Invoice This would establish clearer, more crypto-friendly federal financial regulations, which passed the House with bipartisan support in May. He called Steil “instrumental” in passing this bill and overthrowing an SEC. ruler require crypto exchanges to list their digital assets as liabilities on their balance sheets.

Now, the Janesville native will oversee hearings and votes on new crypto legislation.