Representative Patrick McHenry, the chair of the United States House Financial Services Committee, recently announced that he will not be seeking reelection in 2025. During the Bitcoin Policy Summit in Washington, D.C., McHenry expressed his optimism for the passage of legislation on digital assets before the end of his political career. He emphasized the need for a federal law that defines digital assets and provides a means of exchange for them.
McHenry highlighted two bills that were approved by the House Financial Services Committee in 2023: the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act. The former bill aims to clearly define digital assets as commodities or securities and establish a means of exchange for them.
Regarding the stablecoin bill, McHenry expressed confidence and mentioned his collaboration with his counterpart, Maxine Waters, on the House Financial Services Committee. He believes that their efforts have led to a mutual understanding, and the passage of this bill into law would signal bipartisan support for the digital world.
McHenry also addressed the lack of knowledge among crypto opponents and stressed the importance of passing the stablecoin bill to bring clarity and establish property rights. He also emphasized the need to prioritize digital privacy.
While there are still aspects of cryptocurrency regulation that need improvement, McHenry expressed his confidence in the Biden administration’s ability to address energy-related concerns.
Overall, McHenry remains hopeful about the future of digital asset legislation and believes that progress can be made during his remaining time in office.
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