Regulation
GOP’s McHenry urges Senate to act on crypto legislation
House Financial Services Chairman Patrick McHenry highlighted Senate Democrats’ responsibility to advance comprehensive cryptocurrency legislation before the November election.
McHenry emphasized Thursday that bipartisan approval of crypto market structure legislation in the House this month is a clear signal for the Senate to act.
He stressed that the support of Senate Majority Leader Chuck Schumer is crucial, especially regarding the regulation of stablecoins.
He called for rapid action, saying Bloomberg According to TV’s “balance of power,” “they need to get on with it, they need to stay focused on making policies here and implementing them before the election.”
McHenry, a Republican from North Carolina, collaborated with Democrat Maxine Waters to draft legislation relating to cryptocurrencies and stablecoins. He suggested that any new regulations would likely need to be integrated into a broader legislative package to make it easier to pass through the Senate.
Critics of the crypto bill have argued that it excessively favors the industry, while the Biden administration has expressed the importance of combining consumer protections with opportunities for crypto innovation.
McHenry also opposed the suggestion put forward by Senate Banking Chairman Sherrod Brown to tie a stablecoin proposal to a bipartisan marijuana banking bill, which is a priority for Schumer.
McHenry said, “I’m not in favor of the cannabis banking legislation,” noting his previous opposition to it.
Additionally, McHenry revealed his efforts to enact new data privacy legislation and a package of measures to improve capital formation before retiring from Congress in January. However, he acknowledged the difficulties of passing legislation in the months leading up to the elections.
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