Regulation
Rep. McHenry predicts bipartisan crypto law by 2025 for clear rules
Crypto lovers, are you ready?! A major change could be on the horizon for the industry.
Representative Patrick McHenry, a key figure in the development of crypto legislation, predicts the establishment of a digital assets law by next year. But is it a safe bet?
Read on to discover the growing momentum behind the Financial Innovation and Technology for the 21st Century Act (FIT21) and the potential challenges that may still lie ahead.
It hasn’t been an easy journey
Despite opposition from the White House, many House Democrats support the bill. McHenry believes this momentum will get the bill signed into law by 2025. He stressed the need for comprehensive crypto regulation.
“Crypto policy is inevitable, and crypto law is inevitable.”
Building a Crypto Legacy
As outgoing chairman of the House Financial Services Committee, McHenry is determined to leave a strong legacy in the cryptocurrency industry. He described FIT21 as a “consensus product” of the House, an important achievement that should not be overlooked.
McHenry’s confidence comes from strong bipartisan support, which he hopes to maintain in the next session of Congress if necessary. He believes that this consensus will be useful when the market structure bill is adopted. The legislation also aims to regulate stablecoin issuers, bringing much-needed clarity and stability to the crypto market.
It’s a race against time
With his retirement at the end of 2024, McHenry is committed to advancing legislation before he leaves office. He acknowledged the complexities of the Senate, but remains hopeful he can get the bill to President Joe Biden’s desk. McHenry is exploring every possible legislative strategy to advance the crypto bill, along with fellow Rep.
Tom Emmer suggests the lame duck session as a great opportunity to pass legislation. This session is a transition period during which outgoing lawmakers are more likely to finalize decisions on pending bills.
Challenges and criticisms
However, the path to crypto legislation is not without obstacles. A similar promise was made last year at the Consensus event, where McHenry highlighted infighting among House Republicans as a significant challenge due to unforeseen leadership issues.
To add to the urgency, the Securities and Exchange Commission (SEC) recently issued a new alert regarding crypto scams. Lawmakers and crypto executives gathered in Austin, Texas to discuss the future of digital assets, highlighting current regulatory challenges and the urgent need for clear, enforceable crypto laws to protect investors and support the growth of the sector.
Also discover: What’s next for crypto regulation after FIT21 passes the House?
Is 2025 the year crypto gains regulatory clarity?