The U.S. Needs To Lead in Bitcoin, Says Congressman Patrick McHenry

The United States Representative says that cash is king in illicit finance and that Bitcoin is a bastion of freedom.

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Rep. French Hill Eyes Financial Services Committee Leadership Amid Crypto Focus

Arkansas Rep. French Hill is poised to assume leadership of the House Financial Services Committee, bringing a crypto-savvy perspective to the role. (Read More)

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Congressman McHenry announces hearings to address market structure around crypto

Patrick McHenry suggested that the hearings will look to add to the regulatory efforts being done on the bipartisan bill led by Senator Cynthia Lummis and Senator Kirsten Gillibrand.

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US lawmakers argue SEC accounting policy places crypto customers at risk

While the bulletin was intended to provide clarity regarding the accounting treatment for digital assets, it has been criticized by both lawmakers and regulators.

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Next House Committee Chair Reintroduces Crypto Innovation Bill

Representative Patrick McHenry has proposed legislation to establish innovation offices in financial services institutions. Companies might request enforceable compliance agreements with federal financial agency offices under the law. In 2018, the SEC opened FinHub, while LabCFTC, the CFTC's fintech research branch, began in 2019. (Read More)

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Senate banking chair considers crypto prohibition

Sherrod Brown, chairman of the U.S. Banking Committee, said a prohibition would be impossible because activity would migrate overseas. He requested a government-wide regulatory agency examination from the Treasury and Secretary. Patrick McHenry, the new chairman of the House Committee on Financial Services, supports crypto. (Read More)

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New House Financial Services Committee chair wants to delay crypto tax changes

U.S. Republican Representative Patrick McHenry called for clarification on a “poorly” written digital asset tax provision in a letter to the Treasury.

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The New House Financial Services Committee Head Wants To Postpone Crypto Tax Measures

Patrick McHenry wants the Treasury to postpone the Infrastructure Investment and Jobs Act's digital asset and tax collection portion. McHenry claims the clause is poorly written and that brokers might be misinterpreted. The rule was challenged earlier this year by Coin Center, a blockchain advocacy organization. Crypto miners and stakers are exempt from the new law, according to Senator Rob Portman's tweet of a Treasury letter. (Read More)

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GOP Representative Accuses White House of Delaying Stablecoin Legislation

Patrick McHenry revealed that there was an agreement between Republicans and Democrats to regulate stablecoins.

Continue reading GOP Representative Accuses White House of Delaying Stablecoin Legislation at DailyCoin.com.

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Ether’s Security Status Remains Unclear as SEC Chair Gensler Fails to Answer Lawmaker’s Question

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, would not answer a direct question in a congressional hearing about whether ether is a security. While the SEC chair insisted that the law is clear on crypto, Congressman Patrick McHenry argued that the SEC’s regulatory actions say “there’s a great deal of [...]

The post Ether’s Security Status Remains Unclear as SEC Chair Gensler Fails to Answer Lawmaker’s Question appeared first on Crypto Breaking News.

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US Lawmakers Press Treasury Secretary Janet Yellen on Crypto Oversight Gaps

Four U.S. lawmakers have pressed Treasury Secretary Janet Yellen regarding crypto oversight gaps. The Financial Stability Oversight Council (FSOC), which Yellen chairs, has issued “repeated warnings about the lack of oversight of the digital asset markets,” the lawmakers detailed, questioning Yellen how the council believes existing laws should apply bitcoin, ether, and non-security crypto assets. [...]

The post US Lawmakers Press Treasury Secretary Janet Yellen on Crypto Oversight Gaps appeared first on Crypto Breaking News.

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US House Committee Chair Criticizes SEC on Digital Assets

US House Financial Services Committee Chair Patrick McHenry criticized the SEC’s approach to digital assets at an oversight hearing, demanding clear rules for crypto through legislation and pressing SEC Chair Gary Gensler for a definitive answer on whether Ether qualified as a security or a commodity. (Read More)

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SEC Chair Gensler Urges Crypto Exchanges to Comply: Summary Rundown of Testimony

SEC Chairman Gensler faces GOP criticism over crypto crackdown, while industry groups plan to lobby Congress for regulatory clarity.

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US Lawmakers Call on Congress to Pass Crypto Law Following SEC v Ripple Ruling on XRP

Several U.S. lawmakers have called on Congress to pass crypto legislation following the court ruling on the U.S. Securities and Exchange Commission (SEC) v. Ripple case regarding XRP. “Gary Gensler’s SEC cannot continue to pursue its regulation by enforcement approach, which only harms investors and creates uncertainty,” said one lawmaker. US Lawmakers Call on Congress [...]

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Republican Congressman Seeks to Oust SEC Chair Gensler With SEC Stabilization Act

Warren Davidson, the Republican congressman who first introduced the legislation in mid-April, has filed the SEC Stabilization Act to remove Gary Gensler, the current chair of the U.S. Securities and Exchange Commission (SEC). Davidson insists the act aims to safeguard U.S. capital markets “from a tyrannical chairman.” Legislation Filed to Remove SEC Chair Gensler in [...]

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Fear of blockchain will have ‘disastrous consequences’ — Ava Labs CEO testimony

Ava Labs CEO Emin Gün Sirer will be calling on United States officials to “nurture” and “support” responsible blockchain innovation, warning that they face “disastrous consequences” if they don’t. Gün Sirer’s comments in defense of what he describes as a “revolutionary technology” is part of a testimony that he is scheduled to give to the [...]

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French Hill voted in to chair US House Financial Services Committee next year

Hill won after a second round vote, beating three other crypto-friendly Republicans Current Chair Patrick McHenry is retiring in on January 25, 2025 Hill has championed several crypto bills, including legislation to regulate digital assets Crypto-friendly French Hill will take over as Chair of the US House Financial Services Committee in next year’s new Congress. […]

The post French Hill voted in to chair US House Financial Services Committee next year appeared first on CoinJournal.

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Sen. Hagerty introduces Clarity for Payment Stablecoins Act of 2024

The new bill is a refinement of Rep. Patrick McHenrys 2023 bill, which has bipartisan support.

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