Former Lawmaker Expects Active Congressional Session for Crypto Legislation
Former U.S. lawmakers Patrick McHenry and Rostin Behnam discussed the need for comprehensive crypto legislation in the U.S. They emphasized that now is the time for decisive action.
- McHenry highlighted the roles of Senator Tim Scott and Representative French Hill in shaping sound crypto laws.
- He advocated for establishing solid regulations rather than relying on temporary measures, warning against ineffective regulatory stopgaps.
- Last year, he supported the Financial Innovation and Technology for the 21st Century Act (FIT21), which influences current legislative efforts on market structure.
- A significant debate is emerging between stablecoin issuers Circle (USDC) and Tether (USDT) regarding the treatment of non-U.S. issuers.
- Both firms actively engage with Congress to ensure their interests are represented as new laws are developed.
- Behnam noted that the industry continues to evolve without federal regulations, emphasizing its resilience.
- He cautioned that while legislation may take months to develop, implementing these laws through regulatory bodies could extend the timeline further.