Patrick McHenry on FIT21: 'We're Going to Have Crypto Law in the Next Year'

Congressman Patrick McHenry, the outgoing chair of the House Financial Services Committee, discussed the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) at Consensus 2024. McHenry highlighted the importance of policy, innovation, and relationships in achieving this historic bipartisan vote, emphasizing the significant role played by crypto advocates and builders in influencing lawmakers. He asserted that crypto is not traditional finance and represents a new wave of technology that requires its own set of regulations. McHenry also expressed optimism about the future of crypto legislation, predicting that crypto law is inevitable and that the US will soon catch up to other countries like Europe and Singapore in terms of market certainty and pro-innovation policies. He acknowledged that while the legislative process faced unexpected delays, the delay ultimately resulted in a larger vote in favor of FIT21 in the House, giving it greater momentum for passage in the Senate. McHenry also stressed the importance of the lame-duck session as an opportunity to attach crypto legislation to must-pass bills. He concluded by outlining his top priorities for the Financial Services Committee, including market structure for digital assets, data privacy, and capital formation.