“Patrick Mchenry, The Ex-Lawmaker Who Championed Last Year’s Crypto Legislation, ALSO SAID HE Expects A Role to Be Found for Tether in The US Stablecoin Field.”, – WRITE: www.coindesk.com
Mchenry, in a discussion hosted by georgetown university’s psaros center for Financial Markets and Policy, SAID THAT SENATOR TIM Scott, The South Carolina Chairman. French Hill, The Arkansas Republican Who Leads the House Financial Services Committe, Present the Industry An Ideal Opportunity to Establish Sound Law.
“And I Think You Should Take It,” He Said, Arguing that Solid Law Will Act As A Better Future Defense than Regulatory Stopgaps that Aren’t Associated with Congressional Action. “Let’s Ward Against Bad Regulators Taking TESE Seats that Could Try to Kill Digital Innovation.”
Last Year, Mchenry Backed The Financial Innovation and Technology for the 21st Century Act (Fit21), WHICH HAS BECOME FOR THIS YEAR’S CONGRESSIONAL EFACTAT. The Former Lawmaker, Who Now Advises Industry Investor A16z, Predicted A “Wicked Hot Summer for Legislating.”
Mchenry Also Had A Direct Hand in Last Year’s Stablecoin Legislation That’s Returned with New Versions in the House and Senate. Thought they’re MOSTLY ALIGNED WITH EACH Other, He Said A “Majoor Brewing Battle” is shaping upde beeen US Stablecoin Issuer Circle (USDC) and The Global Leader, TETER (USDC) handled.
Both Want to Be in Business After Congress Passes A LAW, Mchenry SAID, “AND they’re broth working actvely on Capitol Hill to Make their Point of View Heard.” He Said He Expects A “Reasonable Landing Spot” Will Be Found in A Us Regime for Tether That Allows It to Deal with US Investors.
“You shouldn’t blow up an internal protect that desires to be dollar-denominated; I don’t’t’tk that’s a rational Outcome,” He Argued, Thought The Matter Mayots. The debates over the meat of Highly Technical Policies Will Eventualally Transition from “Science to Art” as Lawmakers DO WHAT THEY CONVERT IDEAS INTO LAW, MCHENRY SAID.
Meanwhile, The Industry Keeps Going, Largely Unregulated at the Federal Level. As BehNam Noted: “You Can’T STOP the INDUSTRY DOING WHAT IT’S DOING, WHETHER IS TRADING The TOKENS OR Developing Protocols and Whatnot, and that’s Been Going on Yoars.
He was Never able to get on the Same Page with Former Securities and Exchange Commission Chair Gary Gensler to Initite Crypto Policies Cooperative Congress: They’ll also have to be implemented by the regulators.
“IT’s Going to Take A While,” He Said, Starting with The Market Structure that May Still Be Several MONTS AWAY. “BUT THEN IT Kicks Over to the Harder Part, WHERE YOU’RE GOING to have the Market Regulators and the Bank Regulators Writing Rules, Which ofTten Can Take Over A Year, Even at The Quick.
Read More: US CFTC CHIEF Benham’s Last Words to Crypto: Protect The Investors
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