Rep. Patrick McHenry, the influential GOP negotiator driving crypto legislation, has made a bold prediction: comprehensive digital assets law will become a reality by next year. As the retiring chairman of the House Financial Services Committee, McHenry is determined to cement his crypto legacy into permanent policy. The landmark FIT21 crypto bill has garnered unprecedented bipartisan support in the House of Representatives, paving the way for a consensus product that cannot be ignored.

McHenry's confidence in the imminent arrival of crypto regulations stems from the overwhelming show of support from over a third of House Democrats, despite White House pushback. This momentum, he believes, will carry into the next congressional session in 2025, propelling both the market-structure bill and the long-awaited stablecoin regulation legislation forward. With a consensus product emerging from the House, McHenry is determined to leverage this achievement into law.

Although the Senate presents a more complex challenge, McHenry remains committed to finding a way to push the legislation through before his retirement from Congress at the end of the year. He is open to exploring all options, including attaching the bill to must-pass legislation, to ensure its success. His Republican caucus colleague, Rep. Tom Emmer, shares this optimism, suggesting that the lame-duck session at the end of the year may provide the ideal window for crypto legislation to flourish.

McHenry's prediction may have been tempered by his similar assertion at last year's Consensus event, but he attributes the delay to unforeseen House Republican leadership battles that stalled legislative progress. Undeterred, he remains resolute in his commitment to securing a comprehensive digital assets law by 2025.

As U.S. lawmakers and crypto executives gathered at Consensus in Austin, Texas, to discuss the latest developments in crypto, the SEC issued a fresh warning about crypto scams, highlighting the urgent need for regulatory clarity. With McHenry's leadership and bipartisan support, the stage is set for a landmark digital assets legislation that will shape the future of the crypto industry.