US House Financial Services Committee Chair Aims to Enact Crypto Regulation Bill Within Next Year

US House Financial Services Committee Chair Aims to Enact Crypto Regulation Bill Within Next Year

Patrick McHenry, Chairman of the U.S. House Financial Services Committee, recently announced his goal to enact a comprehensive crypto regulation bill within the next year. McHenry, who spoke at CoinDesk's Consensus 2023, emphasized the urgent need for clear and effective regulation in the rapidly evolving cryptocurrency industry. McHenry stated that "crypto regulation will happen before 2025" and that "crypto policy is coming and legislation is a must." He emphasized that he is "committed to moving legislation across the finish line this Congress that can be signed into law by President Biden." The Chairman's comments underscore the growing recognition among policymakers that the cryptocurrency industry requires a robust regulatory framework to protect consumers, promote innovation, and mitigate potential risks. McHenry's commitment to enacting legislation within the next year signals a significant step towards establishing a clear and comprehensive regulatory landscape for cryptocurrencies in the United States. Additionally, McHenry highlighted the importance of the Financial Innovation and Technology Act of the 21st Century (FIT21), a bipartisan bill that aims to address various aspects of fintech regulation. He expressed confidence that FIT21 is a "done deal" and that the administration "cannot ignore" its significance. The Chairman's remarks offer a positive outlook for the future of crypto regulation in the United States. His commitment to enacting legislation within the next year is a promising sign for the industry and signals a growing recognition among policymakers of the need for a clear regulatory framework for cryptocurrencies.