"Recently, voters have been directly approaching the U.S. Senate and House to express that they will face consequences in the elections if they do not properly address digital asset legislation. Digital assets have become a bipartisan agenda in the U.S., transcending political lines."
Patrick McHenry, the former chairman of the U.S. House Financial Services Committee, attended the Upbit D Conference (UDC) held on the 9th at the Grand InterContinental Seoul Parnas in Gangnam-gu, Seoul, and made this statement. McHenry, a former Republican, proposed the Financial Innovation and Technology for the 21st Century Act (FIT21), which deals with the classification and regulatory authority of digital assets and led bipartisan consensus for its passage.
Former Chairman McHenry stated, "Currently, U.S. regulators are moving at an unprecedented pace to prepare legislation on digital assets," explaining, "This is because digital assets are rapidly growing and directly affecting politicians' elections."
Former Chairman McHenry continued, "Former U.S. President Joe Biden had a negative stance on digital assets, as did his Democratic Party," adding, "At that time, I sought to establish a basic definition of digital assets through legislative proposals, but the Biden administration did not agree from this initial stage."
Former Chairman McHenry also said, "However, entering the 2020s, voters wanted to activate the digital asset market, and failing to reflect such constituent needs would have consequences," emphasizing the importance of passing the FIT21 legislation, noting the deep faith voters had in digital assets at that time.
Former Chairman McHenry stated, "Now, both the Senate and the House have a friendly atmosphere toward digital assets," explaining, "because they know that being lukewarm in response to digital assets is likely to lead to negative outcomes."