Bryan Steil responds to crypto regulation CLARITY Act falling short
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Wisconsin Congressman Bryan Steil, a big supporter of the cryptocurrency industry, registered disappointment the U.S. Senate failed to take up a vote on the Clarity Act, an industry-backed regulatory measure.
The legislation failed to pass a procedural cloture vote on Sept. 15 to advance in the Senate and it remains stalled in Washington, D.C.
Sen. Thom Tillis, R-North Carolina, changed his vote from "yes" to "no" in a move that allows for reconsideration in the future.
In a statement, the Janesville Republican said:
"It’s disappointing that the Senate did not advance the bipartisan consumer protection legislation passed by the House. I look forward to the Senate reconvening and taking action so consumers are protected and the U.S. is able to outcompete China."
The legislation would have established a framework for oversight of digital assets like Bitcoin and other cryptocurrencies along with setting regulations and protections against money laundering.
In August, Steil was on Bloomberg advocating for the Senate to pass the legislation.
"It's so important that this legislation passes," Steil said at the time. "The U.S. needs to remain the world leader in the financial markets, in particular in the digital asset space... consumers deserve to have protection in this space. We need to make sure innovation is happening in the United States."
Steil is a member of the House Finance Committee and the chairman of the subcommittee Digital Assets, Financial Technology, and Artificial Intelligence, which discusses proposed legislation on cryptocurrency, among other things.
Steil has been a key figure in the Trump administration's efforts to pass legislation on digital assets.
Steil introduced the STABLE Act, which requires financial institutions with U.S. dollar-backed stablecoins to back each coin with cash or bank deposits. The legislation was later included in the GENIUS Act, which passed in 2025 and was a piece of cryptocurrency legislation.
Blockchain and cryptocurrency companies have donated to Steil's re-election campain as he faces Democratic candidate Mitchell Berman.
In October 2024, weeks before that year's election, Steil benefited from more than $764,000 in media spending from Fairshake, a political action committee backed by major crypto firms, including Coinbase.
Cryptocurrency and blockchain companies have become major political funders donating to Republican and Democratic candidates. However in Wisconsin, Steil's campaigns overwhelming majority of financial support from the industry as compared to any other candidate running.
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