As an analyst with a background in financial regulation and congressional politics, I believe that Rep. Patrick McHenry’s retirement from Congress marks a crucial juncture in the ongoing efforts to regulate the cryptocurrency industry in the United States. With the House Financial Services Committee chairman making digital assets legislation a top priority before leaving office, the upcoming vote on the Financial Innovation and Technology for the 21st Century Act (FIT21) will be pivotal in determining the industry’s future in Washington.
As a financial analyst, I would interpret Rep. McHenry’s statement as follows: The outcome of the upcoming U.S. Senate vote on cryptocurrency regulation legislation will significantly impact the probability of the Senate’s approval, according to Rep. Patrick McHenry (R-N.C.), the House Financial Services Committee chairman and a prominent advocate for crypto regulations during his final months in Congress.
Keep an eye out for a large turnout of Democratic supporters when the Financial Innovation and Technology for the 21st Century Act comes up for a final vote in the House of Representatives. This comprehensive crypto bill, which is the most advanced U.S. legislation on digital assets to reach this stage in Congress, has seen significant successes under McHenry’s leadership before his retirement at the end of the year. If it passes with bipartisan support, it will be a major milestone for the crypto industry’s advocacy in Washington.
At the DC Blockchain Summit on Wednesday, McHenry announced that the House would consider voting on this bill next week. The result of this House vote will determine how much focus the Senate gives to the bill and if any action will be taken.
As a researcher, I’ve discovered that the Senate hasn’t shown signs of supporting the bill at this time, so its journey to becoming law is currently uncertain. However, McHenry expressed some doubt about the predictability of legislative proceedings during the lame-duck session. He mentioned that it’s not uncommon for bills to be attached as riders to other legislation in this period.
Rep. French Hill (R-Ark.), who chairs the crypto subcommittee and is a contender for McHenry’s chairmanship, expressed optimism about FIT21’s prospects in the House vote during a recent event. His confidence stems from the fact that 21 Democrats have decided to support overturning the SEC’s contentious accounting rule – Staff Accounting Bulletin No. 121 (SAB 121) – despite Biden’s warning of a veto.
As a crypto investor, I can assure you that McHenry’s achievement of gathering numerous Democratic oppositions to the White House and SEC’s accounting rule is not a small feat. At least one Senate Democrat, specifically New York’s Kirsten Gillibrand, has expressed her intention to support the resolution for overturning the bulletin once it reaches a vote on Thursday.
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2024-05-15 23:16