Huge Congressional Blow for the Crypto Space

By Cje95 | Chronic Illness and Crypto | 6 Dec 2023


Staunch defender of crypto and Chairman of the House Financial Services Committee Patrick McHenry dropped a bombshell announcement today. He will NOT be running for reelection next year. This is a huge blow to the crypto legislative efforts that have been going on in Congress the last few years as Chairman McHenry has been pushing, and passing through his very powerful Committee, bipartisan common sense crypto legislation. Last Congress when the then Chairwoman Maxine Water's tried to pull a fast one on the stablecoin legislation it was he would not only put his foot down but also rallied support from the Democratic side to make sure what she wanted died in Committee. 

 

As the person who has been leading the efforts for a few years now, it will leave a pretty significant hole in Congress. Luckily we still have a year to try and get something passed and I would imagine that without needing to deal with running for reelection he can double down on his efforts to get this past the finish line. There are a couple of people on the Republican side (Rep. Warren Davidson and Rep. Tom Emmer) who I think might step up and take his place and there is one Democratic member (Rep. Richie Torres) who has often teamed up with Chair McHenry on the House Financial Services Committee so I would imagine we will start seeing McHenry start including them more or less setting them up to take the mantel when he retires. 

 

If this legislation does not pass by the end of the Congress (end of next year) then it will be really interesting to see how the markets handle the uncertainty facing crypto. On one end we have seen some progress made in the court systems with the SEC being dealt a ton of losses but until there is rules and regulation clearly on the books it leads me to wonder if crypto will to some extent be held back. 

 

 

 

 

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Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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