Legislators push to move crypto laws within Trump's first 100 days

• With full control of Congress, Republican lawmakers will likely take the lead in setting rules for the largely unregulated sector.

The latest: Top lawmakers of select congressional committees — including Republican Sen. Tim Scott (R-S.C.), who leads the Senate Banking Committee — and White House crypto czar David Sacks announced a working group meant to accelerate consensus on key pieces of digital asset legislation.

What they're saying: "I've talked to many founders over the past few years, and they've told me repeatedly that the number one thing they need from Washington is regulatory clarity," Sacks, who also runs a venture capital firm, said.

What we're watching: Stablecoin legislation is likely to move first, though the legislative leaders have multiple priorities.

• Sen. Bill Hagerty (R.-Tenn.) on Tuesday introduced a measure to regulate stablecoins.
• Democratic leaders have expressed concerns about stablecoins as a way to facilitate illicit activity.
• "I remain committed to trying to make these bills a bipartisan success in the House," House Financial Services Chairman French Hill (R-Ark.) said.

Between the lines: Since the comedown of the crypto boom in 2021, lawmakers have moved to put legislation forward on market structure — an area that ranges from deciding which agency regulates crypto tokens, to carving out a whole new category of financial asset within the law.

What to watch: Hagerty's legislation frequently came up in today's event, though the senator was not present. It is called the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. It would:

• Establish licensing for stablecoins pegged to a unit of monetary value (usually, the dollar)
• Allow for state regulators to oversee stablecoins with a less than $10 billion market cap, but apply Federal-level standards to larger cryptocurrencies
• Set reserve requirements and other measures for safety and law enforcement.