There is growing optimism in Congress that significant crypto regulations could be enacted before the upcoming presidential election.
This sentiment comes from Representative Patrick McHenry, a leading advocate of cryptocurrencies in the House of Representatives.
US virtual currency regulation bill under consideration
McHenry, the Republican chairman of the House Financial Services Committee, highlighted the growing likelihood of passing legislation aimed at providing regulatory clarity for the cryptocurrency market.
“I think there's some opportunity before the election to figure out what the real policies are,” McHenry said.
He pointed to the significant shift in support in Congress following the transition from former Speaker Kevin McCarthy to Mike Johnson. McHenry said the change clears the way for House Republicans to push through important legislation, even in the contentious atmosphere of an election year.
McHenry's comments come amid a remarkable rise in the cryptocurrency market, with Bitcoin and other cryptocurrencies hitting record highs. This resurgence reflects the urgency and relevance of establishing a clearer regulatory framework for digital assets.
Last summer, McHenry gained attention for his efforts to push a cryptocurrency market restructuring bill through committee on a bipartisan vote. His efforts in conjunction with current Republican leadership aim to bring the bill to a vote in the House. Additionally, bipartisan support extends to another bill to regulate stablecoins.
“I think the administration’s willingness to move forward with the stablecoin bill is the best part of moving this bill forward,” said Sen. Cynthia Lummis.
Read more: Cryptocurrency regulation: What are the advantages and disadvantages?
The push for regulatory clarity comes at a critical time, with President Biden and Congressional Democrats acknowledging the need for new legislation. The potential passage of these crypto bills is a landmark moment and promises to increase regulatory certainty.
“I think we're at the point where we can see the airport and know how the planes are going to land,” McHenry said optimistically.
As the clock ticks towards the presidential election, investors are pinning their hopes on a breakthrough that could secure a more stable and regulated future for cryptocurrencies.
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