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Rep. McHenry Announces Hearings to Regulate Crypto Market Structure

Representative Patrick McHenry Announces Hearings on Market Structure Around Crypto

  • Representative Patrick McHenry, the House Financial Services Committee chairman, has announced a series of joint hearings in May to focus on market structure around digital assets.
  • The hearings are part of an effort to pass legislation that protects consumers while allowing innovation.
  • The hearings will add to the regulatory efforts being done on a bipartisan bill led by Senators Cynthia Lummis and Kirsten Gillibrand.

Joint Statement on Hearings

Representative Patrick McHenry, the House Financial Services Committee Chairman, along with Representative Glenn Thompson (House Agriculture Committee), Representative French Hill (Digital Assets, Financial Technology and Inclusion Subcommittee), and Dusty Johnson (Commodity Markets, Digital Assets and Rural Development Subcommittee) released a joint statement on April 27th announcing their plans for upcoming hearings. The statement noted that these Committees were embarking on an unprecedented joint effort to pass legislation that provides clear rules of the road for digital assets.

Hearings Aim to Establish Regulatory Clarity

McHenry spoke further about the upcoming hearings as part of a panel at Consensus 2023 event. He stated that there were plans for joint hearings taking place in May which would provide a holistic view into regulation and market structure surrounding digital assets. The goal is to create a bill that raises capital for digital assets but also preserves rights related to both securities or commodities regimes. These efforts are meant to supplement work done by Senators Lummis and Gillibrand’s bipartisan bill.

Purpose of Hearings

The purpose of these joint hearings is twofold: firstly, they aim to protect consumers without stifling responsible innovation; secondly, they aim to establish regulatory clarity around digital assets within the United States. This means creating legislation that provides clear rules and regulations while still allowing innovation within this sector.