Two recent shepherds of surveillance of American cryptography – the former republican legislator Patrick Mchenry and the former chief of the Commodity Futures Trading Commodity Trading, Rostin Behnam – have shared that there is still a huge job to do on American crypto legislation, but now is the time to do so.
MCHENRY, in a discussion organized by the Psaros Center for Financial Markets and Policy from the University of Georgetown, said that senator Tim Scott, president of the South Carolina of the Senatoric Banking Committee, and representative French Hill, the Arkansas Republican who heads the Chamber’s Financial Services Committee, presents an ideal opportunity to establish an ideal opportunity.
“And I think you should take it,” he said, arguing that solid law will act as better future defense than regulatory judgments that are not associated with the action of the congress. “Pardons against bad regulators taking these seats which could try to kill digital innovation.”
Last year, MCHENRY supported financial innovation and technology for the law of the 21st century (FIT21), which became the basis of this year’s congress effort on the structure of the crypto market. The former legislator, who now advises the investor of the A16Z industry, predicted a “unwavering summer to legislative”.
MCHENRY also contributed to a direct hand in the stablecoin legislation of last year which returned with new versions in the Chamber and in the Senate. Although they are mainly aligned with each other, he said that a “great brewing battle” is coming between the Circle of Stablecoin emitters (USDC) and the world leader, Tether (USDT), on how non -American transmitters are managed.
The two want to be in business after the congress has adopted a law, said Mchenry, “and they are actively working on Capitol Hill to make their point of view heard.” He said he expects a “reasonable landing point” to be in an American diet to Tether that allows him to deal with American investors.
“You should not explode an international product that wishes to be denominated in dollars; the debates on highly technical policies meat will possibly move from” art science “while legislators will do what they can to convert ideas into law, said MCHENRY.
Meanwhile, the industry continues, largely not regulated at the federal level. As Behnam noted: “You cannot prevent the industry from doing what it does, whether it is to exchange tokens or develop protocols and so on, and this has been going on for years.”
He has never been able to climb on the same wavelength with the former president of Securities and Exchange Commission Gary Gensler to launch crypto policies, and he offered a reality control for those who are now waiting for the laws of a cooperative congress: they will also have to be implemented by regulators.
“It will take a while,” he said, based on market structure legislation that could still be in several months. “But then, this starts in the hardest part, where you are going to have the market regulators and the writing rules of bank regulators, which can often take more than a year, even at the fastest clip.”
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