Washington, D.C. – A New Chapter for Crypto Policy
In a significant development for the digital assets landscape, Tyler Williams, a former legal advisor at Galaxy Digital, has stepped into the role of crypto counselor for Treasury Secretary Scott Bessent. Within hours of his appointment, Williams addressed a select audience at a private digital assets event in Washington, D.C. He emphasized the importance of supporting legislative efforts aimed at establishing a stable regulatory framework for stablecoins. “Helping Congress push stablecoin legislation across the finish line is a commendable first step,” he stated.
During his speech at the Chainlink-hosted event, Williams urged attendees to “be as supportive as we can to our friends in Congress” who are actively working on stablecoin policy. He argued that securing legal recognition for these essential dollar-pegged tokens would serve as a pivotal use case for industry advocates in the nation’s capital. “If we can create a regulatory framework that allows states, bank regulators, and all stakeholders to operate under a unified set of rules for issuers, I believe that would be a highly beneficial outcome for Washington,” he added.
Williams, who has been in his new role for a few weeks, expressed optimism about the future of the crypto industry. “The fact that I am employed at the U.S. Treasury Department is a promising indication for our sector,” he remarked.
At the same event, Representative Bryan Steil, a Republican from Wisconsin and the current chair of the digital assets subcommittee within the House Financial Services Committee, shared his insights, declaring that “we’ve genuinely turned a corner.” He highlighted the necessity for the U.S. to “outcompete the rest of the world” in fostering digital assets. Steil anticipates that the bipartisan momentum, which previously saw substantial Democratic support for the Financial Innovation and Technology for the 21st Century Act (FIT21), will “continue to grow.”
This sentiment was warmly received by Chainlink’s co-founder, Sergey Nazarov, who noted a “very productive mindset” emerging in Washington regarding digital assets. Williams also acknowledged the foundational work led by David Sacks, the crypto czar appointed during the Trump administration. “I see all the pieces of the puzzle aligning in one direction, which is to enhance U.S. leadership in digital issues,” he stated.
While recognizing that regulatory agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are already advancing new initiatives, Williams conveyed that the Treasury Department has its plate full. He highlighted the broad scope of the Treasury’s jurisdiction over various aspects of the crypto industry, including tax policy, sanctions, anti-money laundering oversight, and the operations of the Financial Crimes Enforcement Network (FinCEN). Despite the challenges, he expressed enthusiasm about the team’s eagerness to engage with these pressing issues. “I think they’re excited about the prospect of revitalizing the government’s approach to digital assets,” said Williams, who is returning to the Treasury after previously serving during Trump’s first term.
