Rep. McHenry Optimistic on Crypto Legislation Progress Before 2025 Retirement
Summary:
Despite his decision not to run for reelection in 2025, U.S. Representative Patrick McHenry remains optimistic about advancements in cryptocurrency legislation. At the Bitcoin Policy Summit, he discussed his hopes for the passing of the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act before the end of his tenure. These bills would provide clear definitions for cryptocurrencies and establish a platform for their exchange. McHenry also highlighted the need for improved knowledge about cryptocurrencies among opponents and the importance of digital privacy.
The Chairman of the House Financial Services Committee in the U.S., Patrick McHenry, has indicated his optimism regarding the potential passing of bills related to digital assets. He stated this during the Bitcoin Policy Summit in Washington, D.C., even though he does not plan to run for reelection in 2025. McHenry underscored the need for federal laws that provide clarity on the definition and exchange of digital assets, which currently remain undefined in congressional terms.
According to Swan, McHenry is particularly hopeful about two pieces of legislation that the House Financial Services Committee had previously approved in 2023. These are the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act. The first bill seeks to provide clear definitions for digital assets in terms of securities and commodities, along with a platform for their exchange.
While discussing the bill on stablecoins, McHenry seemed upbeat. He stated that in the past two years, he and his equal within the House Financial Services Committee (presumably Maxine Waters) have found common ground. He believes the passing of this bill would symbolize a hopeful and bipartisan approach towards the digital realm.
In response to those opposing cryptocurrency, McHenry criticized their lack of understanding, urging them to read Satoshi's white paper to get better insights. He remained hopeful that the stablecoin bill would pass and that a clear definition for digital assets would be established, thereby securing property rights.
Privacy in the digital space is another area McHenry sees as a priority. His tenure in Congress spanning two decades, he claimed, would be significantly marked by clarity around digital assets if it was achieved. He also felt that the existing protocols for cryptocurrency related to energy consumption under President Biden's administration were satisfactory.
Published At
4/9/2024 7:58:34 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.