Author of Pending Cryptocurrency Bills Predicts 'Hot Summer' for Congress

Patrick McHenry, a former lawmaker who supported cryptocurrency legislation last year, also said he expects Tether to take its place in the stablecoin space in the U.S.

Jesse Hamilton | Edited by Nikhilesh De on April 29, 2025, 10:49 pm

What you need to know:

• Patrick McHenry, who left the Congress that led the drafting of cryptocurrency legislation in the previous session and now serves as a senior adviser to a16z, said the industry has a chance to get quality legislation under the current Congress and should seize the moment.
• McHenry expects a battle to break out between stablecoin giants Tether and Circle over the final outcome of legislation regulating stablecoin issuers in the U.S.
• In the same webinar, Rostin Behnam, president of the Commodity Futures Trading Commission under the previous administration, warned that it will take regulators a long time to develop and implement rules, even after Congress acts.

Two recent leaders in U.S. cryptocurrency regulation — former Republican lawmaker Patrick McHenry and former Commodity Futures Trading Commission chairman Rostin Behnam, a Democrat — have said there is still much work to be done to create cryptocurrency legislation in the U.S., but that now is the time to do it.

McHenry, speaking at a discussion hosted by Georgetown University's Psaros Center for Financial Markets and Policy, said Sen. Tim Scott, R-S.C., chairman of the Senate Banking Committee, and Rep. French Hill, R-Ark., who chairs the House Financial Services Committee, present the industry with a golden opportunity to pass common-sense legislation.

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“And I think you should,” he said, arguing that a robust law would be a better defense for the future than regulatory gaps that don’t come from congressional action. “Let’s prevent bad regulators from getting into these positions who might try to stifle digital innovation.”

Last year, McHenry supported the Financial Innovation and Technology for the 21st Century Act (FIT21), which became the basis for this year’s congressional effort to create a cryptocurrency market framework. The former lawmaker, who now advises industry investor a16z, predicted “a terribly hot summer for legislation.”

McHenry has also been heavily involved in the stablecoin bill, which has returned with new versions to the House and Senate. While they are largely in agreement, he noted that there is “a significant fight brewing” between U.S. stablecoin issuer Circle (USDC) and global leader Tether (USDT) over how issuers outside the U.S. will be regulated.

Both are committed to continuing their operations after Congress passes the bill, McHenry said, “and they are both actively working on Capitol Hill to ensure that their views are heard.” He expressed hope that a “reasonable solution” will be found for Tether that will allow

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