Representative Patrick McHenry, chair of the United States House Financial Services Committee, expressed optimism for the passage of legislation on digital assets before the end of his political career. Speaking at the Bitcoin Policy Summit in Washington, D.C., McHenry emphasized the need for clarity in federal law regarding digital assets.
According to McHenry, the absence of a federal definition and framework for digital assets poses a challenge. He highlighted two key bills, the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act, both of which received approval from the House Financial Services Committee in 2023. These bills aim to provide clarity on the classification of digital assets and establish a framework for stablecoin payments.
McHenry expressed particular optimism for the stablecoin bill, citing bipartisan cooperation and understanding within the committee. He underscored the importance of education among lawmakers, urging them to familiarize themselves with foundational documents like Satoshi Nakamoto’s white paper on Bitcoin to facilitate informed discussions.
While acknowledging the complexities of digital asset regulation, McHenry emphasized the significance of achieving clarity through legislative definition and codification of property rights. He also highlighted digital privacy as a priority for regulatory focus.
In conclusion, McHenry emphasized that achieving clarity in digital asset regulation would mark a significant milestone in his congressional career. Despite challenges, he expressed confidence in the Biden administration’s approach to energy-related questions, indicating broader progress in certain aspects of cryptocurrency regulation.
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