Patrick McHenry, a big part of the group that talks about digital money, promises that the U.S. will have new rules for digital money within the next year. This promise comes after many people from both parties in the House of Representatives showed they liked his idea.

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• Patrick McHenry, who frequently discusses digital money, says the U.S. will adopt new rules for it next year.
• Even though the White House didn’t agree, many people from both parties liked McHenry’s new plan for handling digital money and technology in the 21st century.
• Even though he’s planning to retire at the end of the year, McHenry wants to keep working on the digital money laws. He’s looking at all ways to get the bill to President Biden.

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US Lawmaker Asserts Crypto Legislation in Sight by Next Year

Talking at a big meeting about digital money, McHenry, who represents North Carolina, confidently said, “We will definitely have a law about digital money in the coming year. Making rules and laws about digital money is going to happen.”

McHenry has played a big part in making laws about digital money in the House. His idea, the Financial Innovation and Technology for the 21st Century Act (FIT21), got a lot of support last week. Even though the people at the White House didn’t agree, more than a third of the House Democrats liked it. McHenry believes this support will continue into the next year, pushing forward a bill about the structure of the market and much-wanted rules for a type of digital money called stablecoins.

“We basically have an agreement from everyone in the House of Representatives,” McHenry said, “We must take this chance and make it a law.” Even though he plans to retire from the House at the end of this year, McHenry wants to keep the law active.

While recognizing that the Senate is complicated, McHenry is determined to find a way to get the law to President Biden before he leaves the House. When asked about any important law it could be tied to, he said, “I’m looking at all options.”

Earlier in the day, a senior member of the Republican Party, Tom Emmer, suggested that the best chance for the digital money law to succeed would be at the end of this year, when congressional terms are changing.

Although McHenry promised something similar at the same event last year, he clarified that the unexpected changes within the House Republicans’ leadership, temporarily making him the acting speaker, had stopped legislative progress.

At a big meeting in Austin, Texas, some U.S. lawmakers and people who work with digital money discussed current problems and thoughts about digital money. They also did not agree with the way Gary Gensler, the head of the SEC (a group that makes rules for money stuff), is doing things. In the meantime, the SEC gave a new warning about cheating and tricks with digital money.

The SEC’s new warning said, “Cheaters often use new ideas and technology to trick people into bad investments. This has happened with digital money, too.”

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