Rep. McHenry hopes digital asset bill passage will be his ‘biggest win’

At the Bitcoin Policy Summit in Washington, D.C., Chair of the US House Financial Services Committee, Representative Patrick McHenry, expressed optimism about the possibility of passing digital asset legislation before he leaves politics, which he has announced will be after the 2025 elections.

McHenry pointed out that there isn’t a clear definition or legal framework for a “digital accent” (i.e., digital asset) at the federal level. Moreover, there’s no established method of exchange for such assets under current laws. He emphasized the need to establish clarity on this matter, reminding Congress that they are dealing with an emerging concept that is currently undefined in federal legislation.

Rep. McHenry hopes digital asset bill passage will be his ‘biggest win’

McHenry shared his expectations for the Financial Innovation and Technology Act for the 21st Century and the Payment Stablecoins Clarification Act, which were endorsed by the House Financial Services Committee in 2023. The first legislation aims to define explicitly what constitutes a commodity, a security, and so on, for digital assets, thereby establishing a medium of exchange. McHenry stated.

McHenry expressed confidence in the stablecoin legislation, having collaborated with his counterpart on the House Financial Services Committee, Maxine Waters, for two years. Their progress marked the first indication of optimism that there is a chance for harmony and bipartisanship in this digital realm as the bill moves towards becoming law.

McHenry took crypto opponents to task for their lack of knowledge:

“If they just take the time to read Satoshi white paper, it is a much easier conversation. […] That willfulness to not educate themselves leads them down rabbit holes of misinformation.”

Despite this, McHenry expressed his desire for the stablecoin legislation to be approved, believing that it will bring about clarity through a definitive definition and thus establish a property right. Furthermore, he highlighted digital privacy as an important concern. In summary:

“If we can get clarity around digital assets that is going to be the biggest win of my 20 years in Congress. That would be fantastic.”

Other aspects of cryptocurrency regulation were in better shape, though. “I believe the Biden administration is good enough to go on energy question,” McHenry said.

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2024-04-09 20:19