US Congressman calls for “broad, bipartisan consensus” on key digital asset policy issues

In a letter to the leadership of the US House of Representatives’ Financial Services Committee, Senior Member Patrick McHenry criticized the “inconsistent treatment and uncertainty of case law” that accompanies the regulation of cryptocurrencies in the US territory and urged the committee to address its critical to deal with questions.

McHenry, a Republican representing North Carolina, first mentioned that the committee’s Democratic chair, Maxine Waters, plans to schedule additional hearings to address issues related to the digital asset industry. In addition, he stressed the need to identify and prioritize the key issues and achieve a “broad and bipartisan consensus” on the issues affecting the sector, which is very promising for the financial system and the economy in general.

Regarding the confusion the sector faces due to the conflicting claims by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) over jurisdiction over digital assets, McHenry noted that none of his positions are based on legislation based. Congress, he argued, should not hand over regulation of digital assets to regulators or courts, but instead step in to categorize the new asset class and set the rules that govern it.

US Congressman calls for “broad, bipartisan consensus” on key digital asset policy issues
US Congressman calls for “broad, bipartisan consensus” on key digital asset policy issues

Additionally, Congressman McHenry suggested that the Financial Services Committee carefully study the report on stablecoins prepared by the President’s Working Group on Financial Markets (PWG) and consider the Federal Reserve’s position and its future moves regarding a digital currency United States Central Bank.

Last December, the US House of Representatives Financial Services Committee hosted a cryptocurrency-focused hearing that was well represented by industry executives and widely hailed as a very productive exchange between digital asset policymakers and stakeholders.

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