Representative French Hill, Chairman of the House Financial Services Committee, and Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil have posted a comment following President Trump signing Executive Orders relating to digital assets and AI.
Yesterday, Trump reaffirmed his commitment to supporting digital assets as well as AI, issuing several EOs seeking to ensure dominance in these areas of technology. President Trump’s rapid moves contrast dramatically with the prior administration, which was determinably anti-innovation, seeking to undermine digital assets and undercurring AI development.
The two Representatives stated:
“We applaud President Trump for taking important steps to ensure America remains a leader in digital financial technology on the international stage. The President’s Working Group on Digital Asset Markets will strengthen U.S. leadership and allow for critical collaboration among Congress, key officials, and agencies to make sure we get this right. As former SEC Chair Gensler continually ruled by enforcement, we worked tirelessly to combat the agency’s harmful actions against the digital asset ecosystem and pass meaningful legislation that would create a functional regulatory framework for digital assets. We have also worked with other members of the House Financial Services Committee to prohibit a Central Bank Digital Currency (CBDC) from being issued in the United States. President Trump’s Executive Order solidifies that we are in lockstep when it comes to protecting the financial privacy of Americans.”
The banning of a CBDC aligns with many members of Congress, who see it as a potentially intrusive tool that the federal government can abuse. At the same time, most acknowledge the need for a digital dollar, which can be accomplished by the private sector with the issuance of dollar-based stablecoins.
Hill and Steill said they look forward to working with the Trump Administration to craft legislation that provides needed clarity as well as protections for consumers and businesses.