Rep. McHenry says the odds of a crypto bill before Election Day are improving

By Chris Matthews

'We can see how we're going to land the plane,' House Financial Services Committee chair says

The House of Representatives' most important crypto booster said Wednesday he is "optimistic" that Congress will pass legislation this year to bring greater regulatory certainty to the digital-asset industry, and that the odds of legislation becoming law have greatly improved in recent months.

"I think we have a couple of opportunities ahead before the election to see real policy," Rep. Patrick McHenry, a North Carolina Republican and chair of the House Financial Services Committee, said at an event in Washington staged by crypto exchange Coinbase. (COIN)

The comments come amid a broad resurgence in crypto values, with bitcoin (BTCUSD) and other digital currencies reaching record highs in recent weeks.

McHenry said that the decision by House Republicans to remove former Speaker Kevin McCarthy from that role and install current Speaker Mike Johnson upended his efforts to pass several bills addressing the crypto industry. He added, however, that the new House GOP leader has proven his ability to get contentious legislation passed into law, as evidenced by recent deals to avoid a government shutdown.

"If we talked about this in November to today, the odds are better that things will get done," McHenry said. "We've got more opportunities now, and that's not a normal thing for an election year."

McHenry was able to move a crypto-market-structure reform bill through committee last summer in a bipartisan vote, and said he is working with leadership to schedule a full House vote on the measure.

He was more confident that a separate bill regulating stablecoins, which also passed committee on a bipartisan vote, could soon become law, given that President Biden and congressional Democrats have also said new laws are needed in the stablecoin space.

"I think we're at the phase where we can see the airport, we can see how we're going to land the plane," he said. "We just don't know when we're going to land the plane."

-Chris Matthews

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03-20-24 1536ET

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