Congressman Patrick McHenry expressed optimism regarding the passage of crucial cryptocurrency legislation before the November elections. He highlighted positive shifts in legislative prospects, particularly after leadership changes within the House Republicans. McHenry credited the appointment of Mike Johnson, following Kevin McCarthy’s removal as Speaker, for facilitating progress on contentious legislation. He emphasized Johnson’s ability to bring legislation into law, citing his role in arranging a spending deal to prevent a government shutdown as evidence of his strengths. McHenry noted increased opportunities to pass crypto legislation, which is unusual for an election year, expressing hopes for two specific bills.
McHenry mentioned the “Keep Innovation in America Act,” a crypto market structure reform bill, for which he is working to schedule a House vote. He also discussed the “Clarity for Payment Stablecoins Act,” which he believes could soon become law, given the Biden administration’s past calls for stablecoin legislation. He referenced Biden’s 2022 executive order on digital assets, which highlighted the treatment of stablecoins. However, McHenry did not disclose specific timelines for these legislative endeavors but expressed confidence in their eventual passage.
Senator Cynthia Lummis echoed McHenry’s sentiments, emphasizing the increased likelihood of legislative advances amid heightened collaboration between lawmakers. She suggested that the Democratic party, including Senate Majority Leader Chuck Schumer, is willing to consider stablecoin regulation. Lummis highlighted stablecoin legislation as the most optimal area for progress due to the Biden administration’s support. She underscored ongoing dialogue between Senate and House workers on the stablecoin bill, indicating a unified approach toward regulation.
Despite McHenry and Lummis being members of the Republican Party, their legislative efforts on crypto regulations are considered bipartisan. Representatives from both houses of Congress have indicated progress toward the introduction of a stablecoin bill within the current legislative year. McHenry’s collaboration with Rep. Maxine Waters in crafting the stablecoin bill reflects bipartisan cooperation in addressing crypto-related concerns.
Their statements reflect a concerted effort to regulate stablecoins, with bipartisan support evident in the legislative process. While specific timelines remain uncertain, the collaborative approach between lawmakers and the Biden administration’s support signal promising developments in crypto regulation.
