Rep. McHenry hopes the passage of the digital assets bill will be a ‘big win’.

In the year US House Financial Services Committee Chairman Patrick McHenry, who has announced he will not seek re-election in 2025, said he saw hope for legislation on digital assets before the end of his political career. At the Bitcoin Policy Summit in Washington, DC, McHenry summarized his hopes for his tenure in office.

“We don't have a federal law – the definition of digital accent. We have no way to exchange digital assets under federal law. We need to provide that transparency,” McHenry said. The important thing to remind members of Congress, though, is that we now have something that is not defined in federal law.

McHenry expressed hope for the Financial Innovation and Technology of the 21st Century Act and the Transparency of Payment Stablecoins Act, both approved by the House Financial Services Committee in 2023. It's security. […] It creates a medium for digital assets and exchange,” McHenry said.

McHenry was optimistic about a stable coinage bill. For two years, he has been working with his “opponent” on the House Financial Services Committee – Maxine Waters, a member of the standing committee – and they have an understanding. “It will be the first sign that there is hope,” he said […] There is a spirit of dualism when it comes to this digital world.

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

“If you take the time to read the Satoshi white paper, it's a very simple discussion. […] That will lead rabbits to be misinformed so as not to deliberately educate themselves.

However, McHenry said he hopes to see the stablecoin bill and “we can create some level of clarity through divorce and then it will ensure property rights.” Additionally, he said he considers digital privacy another priority. All:

If we can get transparency around digital assets, that would be the biggest win in Congress in 20 years. That was wonderful.”

Other aspects of cryptocurrency regulation, however, fared better. “I believe the Biden administration is strong enough to continue the energy quest,” McHenry said.

Magazine: Lines in the sand: US Congress is bringing partisan politics to crypto.