Unchained Congressman Patrick McHenry: 'Bitcoin Will Be of Enormous Value' - Ep.142
Oct 22, 2019
Congressman Patrick McHenry, known as 'Mr. Fintech,' is a key advocate for crypto-friendly regulations. He discusses his reintroduction of the Financial Services Innovation Act, promoting a regulatory sandbox for financial innovation. McHenry addresses the challenges of ICO fundraising and the implications for exchanges lacking BitLicenses. He also shares insights on the competition posed by China's digital yuan and emphasizes the need for the U.S. to explore a digital dollar, urging a proactive stance in the evolving cryptocurrency landscape.
AI Snips
Chapters
Transcript
Episode notes
Early Crypto Interest
- Congressman McHenry became interested in Bitcoin through his fascination with payments and the rapid advancement of crypto compared to regulated systems.
- He believes government intervention would have negatively impacted crypto's development, but smarter regulations are now needed.
Financial Services Innovation Act
- The Financial Services Innovation Act aims to create innovation-forward regulatory offices within the government.
- This act intends to shift the default regulatory stance from "no" to "yes" for financial innovations.
Impact on Blockchain and Crypto
- The bill seeks to establish a formalized process for collaboration between regulators (SEC and CFTC) and innovators in the blockchain and crypto space.
- It would offer a framework for regulatory certainty and provide space for new products layered on this technology.