Rep. McHenry Makes Bold Prediction: FIT21 Crypto Law Bill to Progress by 2025
Crypto Bill Gains Bipartisan Support in US House of Representatives
Exciting times are ahead for the crypto industry as bipartisan support for the Financial Innovation and Technology for the 21st Century Act (FIT21) continues to grow in the US House of Representatives. Representative Patrick McHenry, a key figure in shaping crypto legislation, is optimistic that the bill will become law by 2025, despite the challenges it may face.
Regulations are essential to safeguard investors and ensure the sustainable growth of the industry. McHenry firmly believes that crypto policy and law are inevitable. As the retiring chairman of the House Financial Services Committee, he is determined to leave a lasting legacy in the cryptocurrency sector.
FIT21 is considered a significant achievement as it is a consensus product of the House, supported by both Democrats and Republicans. McHenry expects this bipartisan support to continue into the next congressional session, providing a solid foundation for the passage of the market structure bill. The legislation also aims to regulate stablecoin issuers, bringing much-needed clarity and stability to the crypto market.
However, time is of the essence, as McHenry’s retirement at the end of 2024 looms. He is fully committed to advancing the legislation before he leaves office. While he acknowledges the complexities of the Senate, McHenry remains hopeful that the bill will reach President Joe Biden’s desk. He is exploring all possible legislative strategies and sees the lame-duck session as a prime opportunity to pass the legislation.
Nevertheless, there are challenges and criticisms that must be addressed. Internal conflicts among House Republicans have proven to be a significant hurdle in the past. The recent alert from the Securities and Exchange Commission (SEC) about crypto scams further emphasizes the need for clear and enforceable crypto laws to protect investors and support industry growth.
The future of crypto regulation hangs in the balance. If FIT21 successfully passes in the House and receives regulatory clarity, it could pave the way for a thriving and secure crypto industry. Crypto enthusiasts should keep a close eye on the developments and potential impact of this bill.