Press Release

U.S. Lawmaker McHenry Anticipates Crypto Law By 2024

Crypto Law Anticipated by 2024 Despite Senate Obstacles; 33% of Voters Take Into Account Candidates’ Crypto stance.

TakeAway Points:

  • Representative Patrick McHenry predicts that a U.S. cryptocurrency law will be passed by the end of the upcoming year, citing significant bipartisan support for the FIT21 Act.
  • Despite the difficulties in the Senate, McHenry hopes to harness the consensus in the House to pass crypto legislation before he retires.
  • Amid continuing legislation deliberations at Consensus 2024 in Austin, Texas, the SEC has issued a fresh alert regarding cryptocurrency frauds.

Legal Obstacles for Cryptocurrency Bills

The cryptocurrency sector confronts serious legislative obstacles in the Senate, notwithstanding recent successes in Congress. At CoinDesk’s Consensus 2024 event, U.S. Representative Tom Emmer (R-Minn.) recognised that the Senate will probably want to make amendments to the Financial Innovation and Technology for the 21st Century Act (FIT21), which was adopted by the House. 

This implies that there would not be much time left in the present legislative session if the bill had to be brought back to the House for further approval. Emmer speculated that the “lame-duck” session, which occurs between the election and the beginning of the next legislative session and is when must-pass legislation frequently contains unrelated add-ons, might be the best opportunity for the bill.

The House witnessed strong bipartisan support for FIT21, the first comprehensive digital assets bill to pass one chamber of Congress, with 71 Democrats voting in favour over the opposition of President Joe Biden and former Speaker of the House Rep. Nancy Pelosi (D-Calif.). While criticising crypto-critical figures like Sen. Elizabeth Warren (D-Mass.) and SEC Chair Gary Gensler, whom he portrayed as “on his way out” and losing favour in the administration, Emmer also pointed out that there is “a tonne of goodwill under the surface” for crypto concerns.

Election-related Concerns with Cryptocurrency

Cathie Wood, CEO of ARK Invest, emphasised the increasing significance of cryptocurrency in US elections and attributed this change to the unexpected acceptance of important documents for proposed exchange-traded funds (ETFs). The clearance procedure for these ETFs was remarkably quick, according to Wood, who was speaking at Consensus 2024. This suggests that cryptocurrency has grown in importance as an election-year issue. She mentioned that the administration was aware of the previous president’s recent acceptance of cryptocurrency contributions for his campaign.

Additionally, Wood covered the wider ramifications of the Financial Innovation and Technology for the 21st Century Act (FIT21), a bill that garnered bipartisan support in the House and was passed. The speaker underscored that ARK’s stance is to maximise the accessibility of bitcoin (BTC) by maintaining minimal ETF fees and directing a portion of private fund earnings towards aiding bitcoin developers. Wood is still optimistic about bitcoin, saying it may hit $1.5 million in value by 2030 and calling it a “financial super highway.”

Voter Attitude Towards Crypto

One in three American voters said they would think about a political candidate’s position on cryptocurrencies before casting a ballot, according to a recent Harris Poll supported by bitcoin ETF issuer Grayscale. More than 1,700 potential American voters participated in an online survey, and 77% of them said a presidential candidate should have a “educated stance” on cryptocurrencies. A growing political interest in digital assets is reflected in the poll’s findings that 47% of participants believe cryptocurrencies will eventually be included in their investing portfolios.

Zach Pandl, Grayscale’s head of research, stated that “likely American voters from across the political spectrum indicate a heightened interest in investing in crypto assets and in supporting candidates well-versed in emerging technologies.” 

Additionally, the survey revealed that nearly every participant had heard of bitcoin and that a sizable percentage was acquainted with Ethereum’s ether (ETH). Remarkably, 24% of respondents claimed that the new ETH ETF option will encourage them to consider investing in cryptocurrencies.

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