👉👉👉 U.S. Lawmaker at Center of Crypto Negotiation Predicts #digitalassets Law by Next Year
Assured Path to Crypto Regulation
Imminent U.S. Crypto Legislation
- Rep. Patrick McHenry predicts permanent crypto legislation by 2025, emphasizing bipartisan support for the Financial Innovation and Technology for the 21st Century Act (FIT21). Speaking at CoinDesk's Consensus 2024, McHenry declared, "We will have crypto law within the next year."
Bipartisan Support for FIT21
- Despite White House opposition, the FIT21 bill has significant bipartisan backing, with over a third of House Democrats supporting it. This support is expected to carry the bill into the next congressional session, addressing market structure & #stablecoin regulations. McHenry is committed to ensuring the bill's passage, acknowledging Senate challenges but vowing to find a path to President Biden's desk. Rep. Tom Emmer suggests the best chance for passing the legislation is during the year-end lame-duck session.
Implications of FIT21
- The FIT21 bill aims to provide clear guidelines for stablecoin issuers, bringing stability & transparency to the market. Clear U.S. regulations would influence global standards, attracting more institutional investors & fostering a stable, transparent global #CryptoMarket .
Broader Industry Impact
- Approval of the FIT21 bill would provide regulatory certainty, driving growth & innovation in the crypto industry. This clarity is expected to attract more institutional investors, reduce uncertainty, and shape global regulatory standards.
Conclusion
Rep. Patrick McHenry's prediction of imminent crypto legislation reflects significant progress in the U.S. House of Representatives. The FIT21 bill, with strong bipartisan support, represents a crucial step toward a clear regulatory framework for #cryptocurrencies . While Senate challenges remain, current momentum & strategic efforts provide a strong foundation for success, with global implications for stability, transparency, and innovation in the crypto industry.
Source - coindesk.com
