Patrick McHenry Doubts Democratic House Can Pass Anti-Crypto Legislation

Former House Financial Services Committee Chair Patrick McHenry said he doubts the incoming Democratic-controlled House of Representatives can pass anti-crypto legislation ¹. Speaking on the podcast Bits + Bips on Nov. 9, McHenry pushed back against concerns regarding a renewed push by Sen. Elizabeth Warren, who is expected to chair the Senate Banking Committee in January ¹. McHenry stated that the incoming Congress remains more pro-crypto across both parties than sessions from six or eight years ago ¹.

Democrats secured majorities in both chambers during the Nov. 3 midterms, securing at least 54 Senate seats ¹, prompting broader discussions about a crypto legislative reset. Despite this shift, McHenry noted that a repeal of the GENIUS Act stablecoin law is unlikely ¹. However, broader regulatory jurisdiction remains incomplete because lawmakers have not passed the Clarity Act governing digital asset market structure ¹. Without new legislation, McHenry pointed out that Commodity Futures Trading Commission (CFTC) Chair Michael Selig lacks spot market authority over digital tokens ¹.

Payments and Credit Competition

While market structure bills remain unresolved, McHenry said Securities and Exchange Commission (SEC) Chair Paul Atkins maintains substantial authority over trading mechanics under existing law ¹. McHenry noted that stablecoins now represent the primary source of competition in payments ¹. Concurrently, he signaled bipartisan momentum for broader payments reform, observing sufficient votes across the House and Senate to advance interest rate caps on credit cards alongside the Credit Card Competition Act ¹. The card competition measure would require lenders holding over $100 billion in assets to offer merchants alternative payment routing networks outside Visa and Mastercard ¹.

At the time of writing, $BTC was trading at $73,826, while $ETH changed hands at $2,057.