U.S. Congressman Patrick McHenry – North Carolina’s 10th District Representative – believed that lawmakers should keep a positive reaction – nominally “yes” – towards crypto-related advances.
The Congressman – a.k.a “Mr. Fintech” on Capitol Hill – has shared his perspective via Laura Shin’s Unchained podcast on October 22.
McHenry has reportedly shared his knowledge regarding the advances in the crypto world, strongly emphasized that the huge value of Bitcoin is inevitably evident.
He has further realised, that the standard response generated by regulators will leave them behind, at the current rate of how new ideas are generated.
“My conclusion was, any action by the government — really up until the last 2, 3 years — would be negative, would impair innovation and would restrict the development of cryptocurrencies and their enormous value, now and in the future.”
It will prove beneficial, he went on, for Capitol Hill, to gradually learn of the new updates of the crypto scene, compared to just by default sweep away a new idea.
With the development of the field, McHenry believed that a new phase has been ushered upon: a phase which required more intelligent regulatory decisions and a higher level of certainty, coming from the CFTC and the US SEC, together with clearly established updates from the U.S. Treasury and IRS, concerning taxing authority.
McHenry has also brought back the Financial Services Innovation Act – a bill which calls for the establishment of financial service innovation offices, in every different federal office that handles financial matters.