Patrick McHenry: The Force Behind Crypto Legislation in Congress

• Assessing Congressman Patrick McHenry's Impact on Crypto Legislation
• McHenry's Mission as Chairman of the House Financial Services Committee
• McHenry's Cross-Party Negotiations
• Potential Delay and Future of the Bills

Assessing Congressman Patrick McHenry's Impact on Crypto Legislation

Due to the influence of Rep. Patrick McHenry (R-N.C.), the crypto bills making their way through the U.S. House of Representatives experienced a halt when McHenry was absent due to his duties as Speaker. However, the resolute congressman has now resumed his vigorous push for House votes on the bills that aim to regulate American stablecoin issuers and establish thorough supervision of the crypto markets.

McHenry's Mission as Chairman of the House Financial Services Committee

As the personable chairman of the House Financial Services Committee, McHenry has prioritized these two bills. Despite resistance from the senior Democrat in the panel, he has successfully elevated the bills to unprecedented levels, securing bipartisan approval in his committee.

McHenry's Cross-Party Negotiations

Known for his practical approach, McHenry has displayed a readiness to engage with opposing parties. In the previous year and earlier this year, he pursued negotiations with his committee's ranking Democrat, Rep. Maxine Waters (D-Calif.), on the stablecoin bill. The two nearly struck a deal before, according to McHenry, the Biden administration stymied the agreement.

Potential Delay and Future of the Bills

The next step for these bills may be pushed back until 2024. However, they possess a substantial chance of receiving the House's approval, which would make them the initial significant industry legislation to do so. Following that, McHenry would need to persuade his Senate colleagues, who thus far have shown little interest, to support the initiative. The prospects might be slim, but no one in Congress can rival McHenry's determination when it comes to crypto legislation.

Edited by Jonathan Stoker