House Financial Services Chairman Patrick McHenry emphasized the responsibility of Senate Democrats to advance comprehensive cryptocurrency legislation ahead of the November election.
McHenry underscored on Thursday that the bipartisan approval of crypto market structure legislation in the House this month serves as a clear signal for the Senate to take action.
He stressed that Senate Majority Leader Chuck Schumer’s support is crucial, particularly regarding the regulation of stablecoins.
He urged swift action, stating Bloomberg Television’s “Balance of Power,” that “They need to get on with this, they need to stay focused on getting policy here and get it done before the election.”
McHenry, a Republican from North Carolina, collaborated with Democrat Maxine Waters on drafting legislation for both crypto and stablecoins. He suggested that any new regulations would likely need to be integrated into a broader legislative package to facilitate passage through the Senate.
Critics of the crypto bill have argued that it overly favors the industry, while the Biden administration has expressed the importance of combining consumer protections with opportunities for crypto innovation.
McHenry also opposed the suggestion put forth by Senate Banking Chairman Sherrod Brown to link a stablecoin proposal to a bipartisan marijuana banking bill, which is a priority for Schumer.
McHenry said, “I’m not in favor of the cannabis banking legislation,” noting his previous opposition to it.
Additionally, McHenry disclosed his efforts to enact new data privacy legislation and a package aimed at enhancing capital formation before he retired from Congress in January. However, he acknowledged the challenges of passing legislation in the months leading up to the election.
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