Crypto enthusiasts, are you ready?! A major shift could be on the horizon for the industry.
Representative Patrick McHenry, a key figure in shaping crypto legislation, is predicting the establishment of a digital assets law by next year. But is this a sure bet?
Read on to explore the growing momentum behind the Financial Innovation and Technology for the 21st Century Act (FIT21) and the potential challenges that could still lie ahead.
Despite opposition from the White House, many House Democrats support the bill. McHenry believes this momentum will push the bill into law by 2025. He emphasized the need for comprehensive crypto regulation.
“Crypto policy is inevitable, and crypto law is inevitable,”
As the retiring chairman of the House Financial Services Committee, McHenry is determined to leave a strong legacy in the cryptocurrency sector. He described FIT21 as a “consensus product” of the House, a significant achievement that shouldn’t be overlooked.
McHenry’s confidence comes from strong bipartisan support, which he expects to continue into the next congressional session if needed. He believes this consensus will help when the market structure bill is passed. The legislation also aims to regulate stablecoin issuers, bringing needed clarity and stability to the crypto market.
With his retirement at the end of 2024, McHenry is committed to advancing the legislation before he leaves. He acknowledged the Senate’s complexities but remains hopeful about getting the bill to President Joe Biden’s desk. McHenry is exploring all possible legislative strategies to move the crypto bill forward, with colleague Rep.
Tom Emmer suggesting the lame-duck session as a prime opportunity to pass the legislation. This session is a transitional period when outgoing lawmakers are more likely to finalize decisions on pending bills.
However, the road to crypto legislation is not without obstacles. A similar promise was made last year at the Consensus event, where McHenry pointed out internal conflicts among House Republicans as a significant challenge due to unforeseen leadership issues.
Adding to the urgency, the Securities and Exchange Commission (SEC) recently issued a new alert about crypto scams. Lawmakers and crypto executives met in Austin, Texas, to discuss the future of digital assets, highlighting the ongoing regulatory challenges and the urgent need for clear, enforceable crypto laws to protect investors and support industry growth.
Also Check Out: What’s Next for Crypto Regulation After FIT21 Passes in the House?
Is 2025 the year crypto gains regulatory clarity?
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