Tyler Williams, newly appointed crypto counselor to Treasury Secretary Scott Bessent, has announced his focus on helping Congress develop appropriate stablecoin legislation as the US accelerates crypto regulation efforts.
By Mayowa Adebajo
Edited by Marco T. Lanz
Updated
2 mins read
Tyler Williams recently got appointed as the crypto counselor to Treasury Secretary Scott Bessent. However, he has revealed that his first line of actions in this new role will include helping Congress to get stablecoin legislations exactly where they need to be.
Williams’ comment came during a private digital assets event that was recently held in Washington, D.C. This is, as the US accelerates its efforts to regulate a crypto sector that continues to grow at such a remarkable rate.
According to Williams, there is an urgent need for a concerted effort towards creating clear legal guidelines and regulatory environment for stablecoins. He noted that this would not only boost the industry’s confidence but also ensure that both state and federal regulators operate under a consistent framework.
This way, there is a uniform approach to the issuance and oversight of stablecoins that cut across various jurisdictions.
Williams, who previously served as a regulatory lawyer for Galaxy Digital, has also shared his optimism for the times ahead. He believes that the Treasury Department’s decision to hire him already proves that the US is more than willing to introduce crypto into the mainstream financial system, but in a responsible manner.
Speaking at the same event, Representative Bryan Steil, a Wisconsin Republican and chair of the House Financial Services Committee’s digital assets subcommittee, appeared to share the same optimism as Williams. The lawmaker noted that the legislative push for stablecoin regulation has gained serious momentum and bipartisan support.
Watch the full discussion to hear the Chairman of the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence share his views with Sergey Nazarov on the growing push for U.S. leadership in blockchain adoption.https://t.co/QFVAL0BpO3 pic.twitter.com/l4WGA8pbgw
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Despite the notable bipartisan backing that saw the FIT21 pass the House in May 2024, however, Steil insists that the US still needs to “outcompete the rest of the world” in its support of digital assets. That is, if the nation wants to sustain this legislative momentum and see it grow, Steil added.
Interestingly, efforts are also ongoing in the Senate to establish a comprehensive regulatory framework for stablecoins. In early February, Senator Bill Hagerty introduced the Guiding and Establishing National Innovation for US Stablecoins of 2025 Act (GENIUS Act). This legislation aims to bring US dollar-pegged crypto tokens under Federal Reserve rules. It also seeks to clearly define the roles of federal and state authorities in overseeing stablecoin issuers.
The bill has been hailed as addressing a key challenge that has previously hindered regulatory clarity, especially for stablecoins.
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Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
