If you were to walk up to your everyday American and ask them which political party protects and promotes big business 9 out of 10 times the response is going to quickly be the Republican party. With the midterm elections just days away and the expectation now for the Republicans to regain control of the House of Representatives certain Republican politicians are starting to show their hand about what the priorities will be for the next Congress. When it comes to cryptocurrency Republicans have for the most part been the party that has championed them and been extremely hesitant to pass legislation concerning them since it can often hurt the industry more than it could help.
This past summer the House Financial Services Committee was working on a bipartisan Stablecoin Bill with Chairwomen Maxine Waters and Ranking Member Patrick McHenry leading for their respective parties. Just when it looked like we were going to get to see the legislation, Rep. McHenry discussed its impending release at a briefing I attended, the week came and went without the introduction. It was only later that we learned Secretary of the Treasury Janet Yellen was shown the soon-to-be-introduced product only to raise several objections. Since then we have had not one but two recesses and while Rep. McHenry has spoken in support of completing this bill and passing it before the end of this Congress it is becoming more unlikely due to time and who will be in charge next year.
If Republicans are able to win control of the House of Representatives as expected Rep. McHenry would be set to take the gavel and Chair the Financial Services Committee. This would be an enormous win for the crypto space since McHenry is known to embrace financial startups and distance the control Wall Street has. He has gone out on record stating he knows the House Financial Services Committee has to provide clarity in this area and it is going to be one of his top priorities for the next Congress. One member from the bipartisan Blockchain Caucus has even said "Patrick McHenry has forgotten more about digital assets than some of these elected officials know about it" underscoring how big of a win this would be for crypto.
With the elections tomorrow by late Tuesday evening we should have a rough idea of who has control of the House of Representatives. Since a lot of Chairmanships like this one has a returning Ranking Member who is popular within the party it sets Rep. McHenry for an easy transition to lead the Financial Services Committee. Looking back at his legislative proposals and the number of crypto executives in his corner this would radically shake up things as they stand. In general, when it comes to regulations Republicans are pretty united in that they do not like government interference and more importantly have come out against the SEC and Gary Gensler as an individual. This could help facilitate very minor and noninvasive legislation being pushed through in the House. While the Senate will be an issue the House does not have a filibuster and things only have to pass with a majority vote.
Given McHenry's statements, backers, proposed legislation, and his standing within the Republican Party hearings and legislation to address crypto could finally happen. This would finally lead to answers to questions instead of bills being introduced only for nothing to happen with them.
Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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