Patrick McHenry takes center stage in cryptocurrency regulation debate with new interim role
Patrick McHenry, a staunch advocate for cryptocurrency industry regulation, has been thrust into the political spotlight. As bills regarding the regulation of digital assets are set to be debated in Congress, McHenry has become the interim chairman. While the search for a permanent replacement for Kevin McCarthy continues, McHenry appears to be the ideal choice. As the head of the Financial Services Committee, he has actively worked on several cryptocurrency-related bills, and his new role can only promote their progress.
The crypto community holds him in high regard for his candid attacks on SEC Chairman Gary Gensler.
An uncertain future for cryptocurrencies?
Two major bills are currently on the table. One aims to establish strict regulations for US stablecoins, while the other seeks to impose general rules for the cryptocurrency market. These two bills, already approved by McHenry’s committee, are expected to be brought to a vote next month. However, their passage in the House does not guarantee their approval in the Senate, which has traditionally been hesitant.
The current political turmoil, exacerbated by McCarthy’s sudden departure, raises many questions. Tom Emmer is among the potential successors, a choice that would also be favorable to the cryptocurrency industry. However, time is of the essence. The House is already facing critical budget debates. Any delay could further slow down the legislative process concerning cryptocurrency in Washington.