digital assets delayed
House Financial Services Chair Patrick McHenry (R, NC) appeared on CNBC’s Squawk Box yesterday morning and expressed frustration with his caucus as well as a defiant hope that it was still possible to move legislation this year in spite of Congressional gridlock. Digital legislation is delayed in 2024, most assuredly.
From the interview:
Chair McHenry: “Look when the House basically attempted to commit political suicide – Republicans in the House tried to commit political suicide in the fall – it gummed up three or four months of House Floor action. So, I’ve got major policies in capital formation, data privacy and crypto that we haven’t moved across the House floor. And I intend to get those moves across the House Floor this year. We can still do big deals -we can still do big deals, even amidst the longest presidential campaign, general election campaign, in American history. We can still get these things done and build consensus and I think there’s a need for market structure on crypto…”
Joe Kernen, CNBC: “The recent ETF and watching the SEC Chair sort of…. kicking and screaming, really …. after, you know, the court said one thing… ‘That’s no way to run a railroad, is it?'”
Chair McHenry: “It’s ineptitude and [the SEC] went kicking and screaming after the courts demanded they take this action. Now, you have more legitimate money coming in, flowing into crypto, some structure being provided to a new asset class that has its problems and needs some clarity – and under federal law – to remedy it.” Continue reading “McHenry Speaks: Digital Assets Delayed; Ethereum ETFs Delayed By SEC”