Representative Patrick McHenry, the chair of the United States House Financial Services Committee, recently shared his optimism for the passage of legislation on digital assets before his retirement from politics in 2025. Speaking at the Bitcoin Policy Summit in Washington, D.C., McHenry emphasized the need for clarity in federal law regarding digital assets, as there is currently no defined definition or means of exchange for them.
McHenry specifically mentioned two bills that have been 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.
The representative expressed his optimism for the stablecoin bill, stating that he has worked closely with his counterpart on the committee, likely referring to ranking member Maxine Waters, to reach a mutual understanding. McHenry believes that passing this bill into law would demonstrate hope and bipartisanship in the digital world.
While McHenry acknowledged that there are opponents of cryptocurrency who lack knowledge on the subject, he remains hopeful for the passage of the stablecoin bill to bring clarity and establish property rights. He also highlighted the importance of digital privacy in the context of digital assets.
On the topic of cryptocurrency regulation, McHenry expressed confidence in the Biden administration’s stance on energy-related questions. Despite some challenges and partisan politics, the congressman believes that progress can be made in shaping cryptocurrency regulations.
Overall, McHenry’s remarks at the Bitcoin Policy Summit showcased his optimism for the future of digital asset legislation and his commitment to bringing clarity and understanding to this evolving field.