U.S. Lawmaker at Center of Crypto Negotiation Predicts Digital Assets Law by Next Year

As a researcher with a background in financial regulation, I’m excited about the progress being made in the U.S. House of Representatives regarding crypto regulations. Rep. Patrick McHenry’s confidence that crypto legislation will become permanent policy by 2025 is a promising development. The bipartisan support for the Financial Innovation and Technology for the 21st Century Act (FIT21) is a significant achievement, and I believe this momentum will carry into the next congressional session in 2025.

As a regulatory analyst, I can assure you that Rep. Patrick McHenry’s (R-N.C.) commitment to the crypto industry remains unwavering. With the recent actions taken by the U.S. House of Representatives, regulations for this sector are no longer a distant prospect.

As a researcher studying the regulatory landscape of cryptocurrencies, I can confidently assert that we are on the verge of seeing significant crypto legislation within the next year. The chairman of the House Financial Services Committee, McHenry, made this clear during his recent speech at CoinDesk’s Consensus 2024 event. This policy development is not a matter of speculation but an inevitable reality in our evolving financial system.

McHenry, who spearheads crypto legislation in the House, is confident of its passage due to the robust bipartisan support for his Financial Innovation and Technology for the 21st Century Act (FIT21) last week. Over a third of House Democrats endorsed it, defying White House opposition. The momentum will persist into the next congressional session in 2025, potentially lifting the market-structure bill and long-awaited stablecoin regulation.

“We have reached a consensus in the House of Representatives regarding this product. This is a significant achievement, and we must capitalize on it by turning this agreement into law.”

As the esteemed House representative, set to depart from Congress at year’s end, expressed, he remains committed to reviving the legislation this year. Acknowledging the intricacies of the Senate, he intends to explore avenues and devise strategies to push the bill across the finish line and into President Joe Biden’s hands before his congressional tenure concludes.

He replied, “I’m open to anything, be it one particular bill or a multitude of them, that needs my support.”

At the Consensus conference earlier today, Republican Representative Tom Emmer from Minnesota, who holds a senior position within his party in Congress, proposed that the most favorable time for crypto legislation to pass would be during the lame-duck session at the end of this year.

As a crypto investor looking back on McHenry’s 2025 promise, I acknowledge that his earlier statement at the Consensus event in 2024 might have set high expectations. However, I understand that unforeseen circumstances, such as the House Republicans’ leadership battles, which resulted in him temporarily assuming the speakership role and hindered legislative progress, could have impacted his ability to deliver on his promises within the expected timeframe.

At the Consensus conference in Austin, Texas, where U.S. legislators and crypto industry leaders discussed ongoing developments in cryptocurrency, critiquing SEC Chair Gary Gensler’s stance, the Securities and Exchange Commission (SEC) issued a new warning on Wednesday about the prevalence of crypto scams.

As a savvy crypto investor, I’m constantly on the lookout for potential opportunities in the digital asset market. However, it’s important to remember that not everyone has pure intentions. Sadly, scammers have also embraced innovation and new technologies, using them to lure unsuspecting investors into fraudulent schemes involving crypto asset securities. Let’s all stay vigilant and protect ourselves from such deceitful practices.