Republican Patrick McHenry recently said that U.S. encryption legislation could be finalized in the next few months.
Pro-Cryptocurrency Congressmen and Senators
Congressman McHenry, chairman of the House Financial Services Committee, told the Consensus 2023 conference on Friday that President Joe Biden could sign a bill regulating cryptocurrencies and pass it into law within the next year.
He believes legislation can be finalized in the next few weeks, commenting:
“What we plan to do in the next two months is report a transaction,”
McHenry gives SEC Chairman Gary Kinsler a pretty good deal hot time During a House oversight hearing last month, he accused Gensler of being “ridiculous” for his approach to cryptocurrencies and suggested that Gensler was more focused on law enforcement than trying to bring clarity to the industry.
Another pro-cryptocurrency leader on the same consensus panel as McHenry is Senator Cynthia Lummis. She thinks the House is more likely to pass legislation faster than the Senate.
The U.S. Is Far Behind in Crypto Regulation
Judging from the current situation, the United States seems to be far behind other countries and regions in terms of cryptocurrency legislation.Europe passed MiCA regulationswhich will come into force as law in 2024, while the UK, the Middle East and parts of Asia are also further down the road.
The Biden administration’s very negative stance on cryptocurrencies could be a good reason for delays in U.S. legislation. Arguably, having a comprehensive crypto regulatory framework can give the industry an aura of respect and legitimacy that the highest levels of government and its financial institutions are trying to avoid at all costs.
Even if the legislation that ends up being implemented is likely to be draconian and repressive for the industry, the fact that cryptocurrencies could become fully compliant and regulated could open the floodgates for institutional money and investment into what many consider the safest areas of potential. Innovative technologies, besides artificial intelligence, are in today’s world.
This in turn threatens institutions like banks, which have become very outdated in this day and age. Looking for the great fortunes of the banking industry to slow down and try to derail most of the crypto companies that could be seen as serious competition to the banks.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.