Rep. McHenry hopes digital asset bill passage will be his ‘biggest win’

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Representative Patrick McHenry, chair of the United States House Financial Services Committee who has announced that he will not seek reelection in 2025, said he saw hope for the passage of legislation on digital assets before the end of his career in politics. Speaking at the Bitcoin Policy Summit in Washington, D.C., McHenry summed up his hopes for his remaining time in office.

“We don’t have a federal law — a definition of a digital accent. We don’t have in federal law a means of exchange for a digital asset. We have to provide that clarity,” McHenry said. “The key thing to remind members of Congress though is that we now have this thing that is not defined in federal law.”

Source: Swan

McHenry expressed his hopes for the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act, both of which were approved by the House Financial Services Committee in 2023. The former bill “would state clearly what is a commodity, what is a security […] for digital assets and it would create a means of exchange,” McHenry said.

McHenry was optimistic about the stablecoin bill. He has been working for two years with his “counterpart” on the House Financial Services Committee — apparently ranking member Maxine Waters — and they have achieved an understanding. Its passage into law “would be the first sign that there is hope and […] there is bipartisanship when it comes to this digital world.”

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

“If they just take the time to read Satoshi white paper, it is a much easier conversation. […] That willfulness to not educate themselves leads them down rabbit holes of misinformation.”

Nonetheless, McHenry said he hopes to see the stablecoin bill passed and “we can create some level of clarity by a definition which would then codify a property right.” In addition, he said he considered digital privacy another priority. In all:

“If we can get clarity around digital assets that is going to be the biggest win of my 20 years in Congress. That would be fantastic.”

Other aspects of cryptocurrency regulation were in better shape, though. “I believe the Biden administration is good enough to go on energy question,” McHenry said.

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