Amid Bipartisan Backing, Rep. Patrick McHenry Anticipates Implementation of Crypto Legislation by 2025
The cryptocurrency industry is set to undergo a major transformation as Rep. Patrick McHenry, a key Republican negotiator for cryptocurrency legislation, confidently predicts the establishment of digital assets law by next year. McHenry also highlights the significant bipartisan support for the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House of Representatives.
Despite opposition from the White House, many House Democrats have expressed their support for the bill. McHenry believes that this growing momentum will propel the bill to become law by 2025. He asserts that comprehensive regulation for the crypto industry is inevitable and necessary.
As the retiring chairman of the House Financial Services Committee, McHenry is determined to solidify his legacy in the cryptocurrency realm. He describes FIT21 as a “consensus product” of the House, an important achievement that should not be overlooked.
McHenry’s confidence stems from the strong bipartisan support he has garnered, which he believes will continue into the next congressional session if required. He believes that this consensus will be beneficial when passing the market structure bill. The legislation will also regulate stablecoin issuers, providing much-needed clarity and stability in the crypto market.
Despite his upcoming retirement at the end of 2024, McHenry is committed to advancing the legislation before leaving office. He acknowledges the challenges posed by the Senate but remains optimistic about getting the bill to President Joe Biden’s desk. McHenry is exploring all possible legislative avenues to attach the crypto bill. His colleague, Rep. Tom Emmer, suggests that the lame-duck session, a transitional period during which outgoing lawmakers are more inclined to finalize statements on pending bills, presents the best opportunity to pass the legislation.
However, McHenry’s promise of imminent crypto legislation does come with significant challenges. A similar promise was made last year at the Consensus event, where McHenry mentioned the turbulence among House Republicans due to unforeseen leadership issues.
Furthermore, the Securities and Exchange Commission (SEC) recently issued a fresh alert warning about crypto scams. Lawmakers and crypto executives gathered in Austin, Texas, to discuss the future of digital assets. This highlights the ongoing regulatory challenges and the urgent need for clear and enforceable crypto laws to protect investors and ensure the substantial growth of the industry.