US Representative McHenry on Digital Asset Regulation

U.S. Representative Patrick McHenry (R-NC), a top Republican member of the House Financial Services Committee and cryptocurrency advocate, is urging Democratic Chair Maxine Waters to work with others on digital currencies.

In a letter to the California Democrat on Monday (January 24), McHenry praised Waters for last month’s hearing “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.” United”. He said the session hit the right chord for members to understand this emerging sector and the issues raised by digital assets.

“He also reaffirmed the complexity of digital assets, only scratching the surface of the breadth of issues that the Financial Services Committee must examine to ensure that the policies pursued by Congress will foster innovation in the United States,” he wrote. “As you consider scheduling additional hearings … it is critical that we thoroughly review the current environment and prioritize issues that need to be addressed.”

Last fall, McHenry spoke to PYMNTS about the challenges of navigating the political landscape of digital currencies and his concerns about Big Tech regulation.

“With the recognition that the existing regulatory regime has worked well so far, but for us to lead the next generation of internet technology, we need a new regime built around the nature of digital assets,” did he declare. “Current law and existing regulatory structures do not match the unique nature of these assets.”

McHenry noted that “we need to work together to create opportunities that allow these technologies to thrive without stifling them in their early stages. These are decisions that should not be made by regulators but by policy makers. »

Related: U.S. Rep. Patrick McHenry: Rushed Crypto & Big Tech Regulations From Congress “Will Be Horrible”

In an interview with PYMNTS earlier this month, New York University professor Hanna Halaburda said that too much regulation can kill innovation, but not enough regulation.

“We have new opportunities and new challenges, and opportunities and challenges come from incentives, and managing incentives is what economists do,” said Halaburda, who is also an economist.

Read more: Crypto Regulation Will Boost Innovation If Done Right, Economist Says

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