The retiring chair of the U.S. House Financial Services Committee is optimistic about digital asset legislation now before Congress.
Representative Patrick McHenry, chair of the United States House Financial Services Committee who has announced that he will not seek reelection in 2025, said he saw hope for the passage of legislation on digital assets before the end of his career in politics. Speaking at the Bitcoin Policy Summit in Washington, D.C., McHenry summed up his hopes for his remaining time in office.
“We don't have a federal law — a definition of a digital accent. We don't have in federal law a means of exchange for a digital asset. We have to provide that clarity,” McHenry said. “The key thing to remind members of Congress though is that we now have this thing that is not defined in federal law.”
McHenry expressed his hopes for the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act, both of which were approved by the House Financial Services Committee in 2023. The former bill “would state clearly what is a commodity, what is a security […] for digital assets and it would create a means of exchange,” McHenry said.
