“We will have crypto law within the next year, and I can say that with certainty,” declared McHenry, chairman of the House Financial Services Committee, to an audience at CoinDesk’s Consensus 2024 event. He emphasized that “crypto policy is inevitable, and crypto law is inevitable.”
Bipartisan Support and Legislative Momentum
McHenry, who has been leading the charge for crypto legislation in the House, highlighted the substantial bipartisan support for his Financial Innovation and Technology for the 21st Century Act (FIT21). The bill saw significant backing from House Democrats, despite opposition from the White House. He believes this momentum will continue into the next congressional session in 2025 if necessary, potentially pushing forward both the market-structure bill and the long-awaited stablecoin regulation legislation.
“We basically have a consensus product out of the House of Representatives,” McHenry stated. “That’s a huge thing that we have to take advantage of and leverage it into law.”
Efforts to Pass Legislation This Year
Although McHenry is set to retire from Congress at the end of the year, he remains determined to see the legislation through. He acknowledged the complexities of the Senate but is committed to finding a path to get the bill to President Joe Biden’s desk before his term ends. When asked about a specific must-pass bill to attach the legislation to, he responded, “anything and everything – that’s what I’m looking for.”
Lame-Duck Session as a Strategic Opportunity
Earlier at the same event, Rep. Tom Emmer (R-Minn.), a senior member of McHenry’s Republican caucus, suggested that the end of the year, during the lame-duck session, might offer the best chance for crypto legislation to succeed. This period, when Congress transitions from the current session to the next, often sees a flurry of legislative activity.
Also Read: House Chair McHenry Slams SEC’s Gensler for Dodging Ethereum Questions
Challenges and Past Predictions
McHenry acknowledged that his previous year’s prediction of imminent crypto legislation had been thwarted by the internal chaos among House Republicans, which temporarily left him as the stand-in speaker and stalled legislative progress. Despite this, he remains optimistic about the current bill’s prospects.
SEC’s Continued Warnings on Crypto Scams
As U.S. lawmakers and crypto executives gathered in Austin, Texas, to discuss the future of crypto, often criticizing SEC Chair Gary Gensler’s approach, the SEC issued a new alert on Wednesday. The alert warned of crypto scams, emphasizing that “fraudsters often use innovations and new technologies to perpetrate investment scams, and this has been the case with crypto asset securities-related investments.”
