Patrick McHenry, speaking at the Bitcoin Policy Summit 2024, called Bitcoin an “untamable cryptocurrency” that even the Chinese Communist Party, which tried to impose strict restrictions, could not ban.
“Bitcoin is an unstoppable technology that needs to be embraced, as I am trying to convince policymakers on Capitol Hill. The United States needs to be a leader in cryptocurrency regulation, rather than lagging behind on the issue. Currently, there are no clear definitions of digital assets in federal laws, only the US Internal Revenue Service (IRS) makes decisions about the consequences of owning bitcoins,” the congressman said.
There are two bipartisan bills that could provide more clarity on cryptocurrencies, says a politician.
The first is the 21st Century Financial Innovation and Technology (FIT) bill, which cleared committee in July 2023. The author is Congressman French Hill, who managed to define what commodities, securities and digital assets are, McHenry clarifies.
The second was the bill on stablecoins as a means of payment, which the committee also approved in July. This project describes what a stablecoin is, the congressman explained.
Previously, Patrick McHenry criticized the chairman of the US Securities and Exchange Commission (SEC) Gary Gensler for the fact that the official was focused on the case of Kim Kardashian, who promoted EthereumMax (EMAX) tokens. Instead, Gensler should have started pursuing the Binance cryptocurrency exchange a long time ago, McHenry said.
Source: Bits
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