The U.S. House Financial Services Committee checked the next box in moving toward what Representative Bryan Steil referred to as the “second half” of President Donald Trump’s crypto agenda: a bill to set U.S. crypto market rules for a fully regulated domestic industry.

Steil, the Republican chairman of the panel’s crypto subcommittee, said that the first half of Trump’s goal is well underway — Congress’ stablecoin legislation that’s already advanced through committees in both the House and Senate — so a Wednesday hearing explored the other long-awaited digital assets bill to establish the structure of crypto markets. Such hearings represent a rung on such an effort’s climb through Congress.

Representative French Hill, the Arkansas…