Congressman Patrick McHenry, a prominent figure in the crypto community, recently spoke at Consensus 2024 in Austin, discussing the Financial Innovation and Technology for the 21st Century Act (FIT21) and his unexpected stint as Speaker Pro Tempore. The FIT21 bill received overwhelming support in the House, with two-thirds of lawmakers voting in favor, signaling a significant achievement in crypto legislation.
McHenry highlighted the importance of valid policy, real innovation, and strong relationships in shaping the FIT21 bill. He emphasized the need for policymakers to listen to critiques of the existing crypto marketplace and work towards improving regulations to support innovation. The Congressman also acknowledged the role of innovators and technologists in building relationships with policymakers and advocating for pro-innovation policies.
Looking ahead, McHenry expressed confidence that crypto legislation will become law within the next year, either in the current Congress or the next. He stressed the need for market certainty and pro-innovation policies to keep pace with other global players in the crypto space.
In response to questions about potential stablecoin legislation and legislative strategies, McHenry emphasized the importance of seizing every opportunity to advance crypto laws. He highlighted the bipartisan support for crypto bills and the need to prioritize crypto policy in the upcoming legislative agenda.
When asked about his legislative priorities for the remaining months of his term, McHenry outlined three key areas: market structure for digital assets, data privacy in financial services, and capital formation for small businesses. He expressed his commitment to advancing these priorities and welcomed the engagement of the crypto community in shaping future legislation.
In conclusion, McHenry thanked the crypto community for their support and engagement, recognizing their role in driving progress in the crypto space. He encouraged continued innovation and activism to ensure clarity and success under the law.
In other news, Nigeria dropped tax charges against Binance executives, Bloomberg investigated the SEC’s legal challenges in Texas, Adobe faced backlash over AI training terms, and Clearview AI settled a class action lawsuit with affected individuals. It seems like a quiet week in the crypto world, but developments continue to unfold in the regulatory landscape.