Patrick McHenry doubts incoming Democratic House can pass anti-crypto legislation
Former House Financial Services Committee chair Patrick McHenry said the incoming Congress is broadly more pro-crypto than previous sessions, leaving Sen. Elizabeth Warren's anti-crypto agenda without enough support to pass the House.
Former House Financial Services Committee chair Patrick McHenry expressed doubt that the incoming Democratic-controlled House will pass anti-crypto legislation. Speaking on Unchained's Bits + Bips podcast following the Nov. 3 midterms in which Democrats captured both chambers of Congress, McHenry stated that it is not possible to pass an anti-crypto bill through the House. He noted that the incoming Congress is more pro-crypto in both parties than sessions from six and eight years ago, advising the industry to lock in its political power.[1][3][4]
McHenry addressed concerns regarding Sen. Elizabeth Warren, who is expected to chair the Senate Banking Committee in January. While he acknowledged that Warren's progressive economic views still hold influence, he argued that her anti-crypto agenda lacks that power in the new Congress. McHenry considered a repeal of the GENIUS Act stablecoin law unlikely, stated that Securities and Exchange Commission Chair Paul Atkins has wide latitude over crypto trading, and emphasized that Commodity Futures Trading Commission Chair Michael Selig still requires legislated authority to police crypto spot markets.[1][2]
McHenry also pointed to bipartisan momentum behind traditional payment reforms, asserting there are enough votes in both the House and Senate to pass a credit card interest rate cap and the Credit Card Competition Act. He noted that Warren, President Donald Trump, and Vice President J.D. Vance all support those measures. The credit card legislation would require banks with over $100 billion in assets to offer merchants a choice of two unaffiliated networks, one of which cannot be Visa or Mastercard, though McHenry added that stablecoins are now driving payment competition.[1]
Key facts
- Patrick McHenry stated on the Bits + Bips podcast that he does not believe an anti-crypto bill can pass the incoming Democratic-controlled House.
- McHenry said the incoming Congress is more pro-crypto across both political parties than the sessions from six and eight years ago.
- Sen. Elizabeth Warren is expected to chair the Senate Banking Committee after Democrats won both chambers in the Nov. 3 midterms.
- McHenry stated that Warren's progressive economic agenda retains power in the new Congress, but her anti-crypto agenda does not.
- McHenry deemed a repeal of the GENIUS Act stablecoin law unlikely and noted that CFTC Chair Michael Selig still requires legislative authority over spot markets.
- McHenry reported that votes exist in both chambers to pass a credit card interest rate cap and the Credit Card Competition Act, citing support from Warren, Donald Trump, and J.D. Vance.
Sources · 3 sources
- UN
UnchainedArticle ·
Patrick McHenry Doubts an Anti-Crypto Bill Can Pass the Incoming Democratic House Patrick McHenry , former chair of the House Financial Services Committee, doubts the Democratic House that takes over in January can pass anti-crypto legislation. Asked by co-host Austin Campbell about Sen. Elizabeth Warren ‘s renewed push against crypto, McHenry said on Unchained’s Bits + Bips on Nov. 9 he did not think it possible to “pass an anti-crypto bill through the House.” Democrats won both chambers in the Nov. 3 midterms, taking at least 54 Senate seats, with races in Mississippi and Alaska still uncalled . Warren is expected to chair the Senate Banking Committee in January. McHenry said the incoming Congress is more “pro-crypto than the Congress from six years ago and eight years ago,” in both parties. “So we have to lock in the political power that we have and make sure that we remain popular for these politicians to not go after us,” he said. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Regulators Still Need Congress McHenry called repeal of the GENIUS Act stablecoin law unlikely. The wider market is less settled, he said, since Congress has not passed the Clarity Act on crypto trading rules, which Paradigm’s Justin Slaughter said on Nov. 5 looks dead. McHenry said Commodity Futures Trading Commission (CFTC) Chair Michael Selig lacks authority over spot markets, where crypto tokens themselves are bought and sold. McHenry called that authority necessary to police the crypto market and said it “needs to be given to him legislatively.” Securities and Exchange Commission (SEC) Chair Paul Atkins , he said, “can go very far” on how crypto trades. If a future president who isn’t explicitly pro-crypto replaced those regulators in a bid to “go back to a Gensler era” under former SEC Chair Gary Gensler, the check would be whether there are enough pro-crypto members of Congress to push back, he said. Rate Caps Have the Votes, He Says Asked by co-host Ram Ahluwalia about capping credit card interest, McHenry said he thinks there are “the votes in the House and in the Senate to pass” some version of a cap and of the Credit Card Competition Act . He named Warren, President Donald Trump and Vice President J.D. Vance as backing both. In January 2026, Trump said credit card interest should be held to 10% for a year, and later backed the competition bill. Under it, banks with over $100 billion in assets would have to give merchants a choice of two unaffiliated card networks, one of which can’t be Visa or Mastercard. Stablecoins are now where competition in payments is coming from, McHenry said. He said the progressive politics Warren has honed in the party “doesn’t have the same power and import” in the coming Congress that it had when Joe Biden took office with a Democratic House and Senate. Some progressive policies still carry weight, he said, “but not anti-crypto policies having that power.” Related Listen: DEX in the City: How Crypto Exchanges May Be Holding Up the Market Structure Bill The post Patrick McHenry Doubts an Anti-Crypto Bill Can Pass the Incoming Democratic House appeared first on Unchained .
Open source - LS
Laura Shin@laurashinPost on X ·
According to @PatrickMcHenry, Elizabeth Warren's progressive economics still has power in the new Congress. Her anti-crypto agenda doesn't. 🏛️ He makes the case to @austincampbell, @ramahluwalia, and @perkinscr97 on Bits + Bips. 🎧 https://t.co/nBtF8VUxts
Open source - LS
Laura Shin@laurashinPost on X ·
According to @PatrickMcHenry, the incoming Congress is more pro-crypto than the ones from six and eight years ago, in both parties. 🏛️ His advice on the show with @austincampbell, @ramahluwalia, and @perkinscr97: lock in that political power. 🔐 https://t.co/4gFYhriZ9p
Open source - CB
Crypto BriefingArticle ·
Incoming US Congress more pro-crypto than past sessions: McHenry A more pro-crypto Congress could reshape U.S. regulatory frameworks, potentially boosting market confidence and influencing global crypto policies. The post Incoming US Congress more pro-crypto than past sessions: McHenry appeared first on Crypto Briefing .
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