Two recent US Crypto Oversight Shepherds – Republican former lawmaker Patrick Mchenry and Democrat former Commodity Futures Trading Commission Chief Rostin Behnam – shared a view that there is a huge amount of work to do with the US crypto law but now it’s the moment to do it.
Mchenry, in a discussion that has been posted at Georgetown University’s Psaros Center For financial and policy markets, Senator Tim Scott, the South Carolina chairman of the Senate Banking Committee, and representative of French Hill, the Arkansas Republican who led the House Financial Services Committee, showed the industry of a Good opportunity to establish a good law.
“And I think you should take it,” he said, pointing out that solid law will act as a better future defense than the regulations that stopgaps that are not related to Congress’s action. “Let’s go against the bad regulator taking seats that can try to kill the digital change.”
Last year, Mchenry Supported financial and technology for the 21st century law (Fit21), which has been the foundation for Congress’ efforts this year in the structure of the crypto market. Former legislators, who are now advising investors in the A16Z industry, predicted a “bad hot -hot -warmed for the law.”
Mchenry also had a direct hand to the Stablecoin law last year returned with new versions in the House and Senate. Although they are aligned with each other, he said that a “major brewing battle” is shaping between the US Stablecoin Issuer Circle (USDC) and the global leader, Tether (USDT), how to handle those who did not give the US.
Both want to be a business after Congress passes a law, Mchenry said, “and they both work actively at Capitol Hill to hear their perspective.” He said he expects a “rational landing spot” can be found in a US regime for Tether who gives up to deal with US investors.
“You should not crack an international product intending to denomination dollars; I don’t think a rational outcome,” he argued, even though the thing could take months of talking to lawmakers. Debates about the meat of high technical policies will eventually move from “science to art” as lawmakers do their best to convert law ideas, Mchenry said.
Meanwhile, the industry continues to go, mainly not organized at the federal level. As Behnam mentioned: “You can’t stop the industry from doing what it does, it exchanged tokens or developing protocols and not, and it has been happening for years.”
He did not reach the same page with former Securities and Exchange Commission chair Gary Gensler to start crypto policies, and he offered a check of fact for those who are now waiting for laws from a Congress cooperative: they will also need to be enforced by regulators.
“It will last,” he said, starting the law of the market structure that may be a few months away. “But then it kicks in the more difficult side, where you will have market regulators and bank writing rules, which often can take a year, even in the fastest clip.”
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