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 his speech at 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.
One of the main issues McHenry highlighted was the lack of a federal law that defines digital assets or provides a means of exchange for them. He emphasized the need for clarity in this area and urged members of Congress to recognize the existence of this undefined entity in federal law.
McHenry specifically mentioned his hopes for two bills: the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act. Both bills were approved by the House Financial Services Committee in 2023. 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 optimism and mentioned his collaboration with his counterpart on the House Financial Services Committee, likely referring to ranking member Maxine Waters. They have achieved an understanding on the matter, and if the bill becomes law, it would signify hope and bipartisanship in the digital world.
McHenry also criticized opponents of cryptocurrencies for their lack of knowledge on the subject. Despite this, he remains hopeful for the passage of the stablecoin bill, as it would provide clarity and establish a property right. Additionally, McHenry emphasized the importance of digital privacy as another priority.
While there are still aspects of cryptocurrency regulation that need improvement, McHenry believes that the Biden administration is competent enough to address energy-related concerns. Overall, the United States Congress is bringing partisan politics into the realm of crypto regulation.