Bankless Rep Patrick McHenry on Crypto's Big Week in DC
May 21, 2024
Congressman Patrick McHenry, Chair of the House Financial Services Committee and advocate for pro-crypto legislation, discusses a pivotal week for cryptocurrency in Washington. He delves into the implications of the FIT for the 21st Century Act and debates around repealing SEC regulations. Expect insights on the anticipated Ethereum ETF decision and a call for clearer regulations to support innovation. McHenry passionately argues for consumer protection while emphasizing the importance of crypto for economic empowerment and small-town financial access.
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Crypto's Resurrection
- Crypto's resilience and continued innovation surprised many in D.C. who prematurely declared it dead after FTX's collapse.
- This resilience, coupled with increasing voter interest, is driving policymakers to better understand and address crypto-related issues.
Generational Divide
- The SAB 121 repeal vote revealed a generational, rather than partisan, divide on crypto.
- Younger Democrats, influenced by constituent interest in crypto, defied the Biden administration's stance.
Significance of the Vote
- Democrats voting against a regulation from their own party, especially during an election year, is significant.
- This demonstrates the growing power of crypto voters and policymakers' increasing interest in the industry.