Tagged: patrick mchenry

Congressman Patrick McHenry Reintroduces the Financial Services Innovation Act

Congressman Patrick McHenry, the Chairman of the House Financial Services Committee, has reintroduced the Financial Services Innovation Act. The legislation was previously introduced by McHenry but did not garner sufficient traction to move to the House floor for a vote. This bill aims to establish… Read More

U.S. Lawmakers Challenge FDIC Over Financial Innovation Engagement

Senior members of the House Financial Services Committee have formally questioned the Federal Deposit Insurance Corporation (FDIC) over its approach towards Fintech and innovation. Committee Chairman Patrick McHenry (NC-10), along with Subcommittee Chairmen Andy Barr (KY-06) and French Hill (AR-02), addressed their concerns in a… Read More

Congress Introduces Joint Resolution to Revoke SEC’s SAB 121 that Blocks Banks from Providing Custody of Digital Assets

In an X, Congressman Mike Flood revealed a Joint Resolution to revoke the authority of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121. This SAB was enacted in 2022 and impacted the digital asset industry. The SAB addressed the “accounting for obligations to… Read More

Treasury, IRS Announce that Firms Do Not Have to Report Certain Transactions Involving Digital Assets Until Regulations Are Issued

The Treasury Department and Internal Revenue Service have recently issued an announcement informing businesses that they do “not have to report the receipt of digital assets the same way as they must report the receipt of cash until Treasury and IRS issue regulations.” The Infrastructure… Read More

House Financial Services Committee Republicans Tell SEC to Explain X Breach in Bogus Bitcoin ETF Announcement

Representative Patrick McHenry,  Chairman of the House Financial Services Committee, has joined the Chairman of the Subcommittee on Oversight and Investigations, Bill Huizenga, the Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion, French Hill, and the Chairman of the Subcommittee on Capital… Read More

Insiders Comment on the SEC’s Approval of Bitcoin ETFs

As was reported earlier today, after an extended deliberation, the Securities and Exchange Commission (SEC) has approved eleven Bitcoin ETFs. CI has received multiple comments on the approval which is a seminal event for the crypto industry. Rajeev Bamra, SVP of Digital Finance at Moody’s… Read More

Staunch Supporter of Crowdfunding, Fintech, Congressman Patrick McHenry Announces He Will Not Seek Re-Election

Congressman Patrick McHenry, a Republican from North Carolina and current Chairman of the House Financial Services Committee, has announced his intent not to seek re-election to the seat in Congress he has held for 20 years. In a statement posted on the Congressman’s website, he… Read More

CFPB Targets Big Tech and Fintech with New Oversight Rules, Representative McHenry Slams Proposal

The Consumer Financial Protection Bureau (CFPB) wants to expand its portfolio of compliance by targeting big tech and the Fintech services they provide. According to a statement issued by the CFPB today, the agency is targeting digital wallets and payment apps, claiming they must comply… Read More

Representative McHenry, Senator Lummis Criticize SEC Action After GAO Report on Staff Accounting Bulletin

Representative Patrick McHenry and Senator Cynthia Lummis have joined to issue a statement criticizing a recent action by the Securities and Exchange Commission (SEC). McHenry is Chair of the House Financial Services Committee. Lummis sits on the Senate Banking Committee. The statement revolves around the… Read More

Chairman of House Financial Services Committee Slams US Department of Treasury’s ESG Over-reach

Yesterday, the Secretary of the Treasury Janet Yellen, announced its ambitions in regard to “net zero financing and investment,” outlining their goal of net zero commitments and how they can compel financial services firms to adhere to their ideology. Secretary Yellen said: “Going forward, the… Read More

House Financial Services Committee Leadership Tell US Federal Reserve to Stop Undermining Stablecoin Legislation

Representative Patrick McHenry, Chairman of the House Financial Services Committee, along with the Chairman of the Digital Assets, Fintech Subcommittee, French Hill, and the Chairman of the Oversight and Investigations Subcommittee, Bill Huizenga, have sent a letter to US Federal Reserve Chair Jerome Powell, criticizing… Read More

IRS, US Department of Treasury Announce Proposed Rules on Digital Assets Transactions and Taxes, Chair of House Financial Services Committee Slams the Draft Regulations

The US Department of Treasury and the Internal Revenue Service (IRS) have announced proposed rules for the handling of digital assets and the sale and exchange of crypto. In a public statement, the two federal entities said the move was an effort to “crackdown on… Read More

SEC Approves New Rules for Private Fund Advisors

In an open meeting of the Commission today, the SEC approved new rules to regulate private fund advisors. The SEC said that the new rules are designed to “protect private fund investors by increasing transparency, competition, and efficiency in the private funds market.” SEC Chairman… Read More

Digital Assets: Chair of House Financial Services Sends Letter to SEC, FINRA Questioning Prometheum Relationship, Says Investor Has Ties to CCP

The Chair of the House Financial Services Committee, Representative Patrick McHenry, along with other Committee Republicans, have sent a letter to the Chair of the SEC, Gary Gensler, as well as the FINRA President Robert Cook, questioning the relationship with Prometheum and the approval for… Read More

Former OCC Head, Dean of Economics at University of Austin, Tout Stablecoins as Path to Ongoing Dollar Supremacy

There has been a lot of discussion about the US Dollar remaining the top reserve currency around the world. Having the dollar be the big dog in the realm of fiat brings a lot of benefits to the US and must be a leading policy… Read More

PayPal Announces US Dollar Stablecoin, Congressional Leader Says Stablecoins Hold Promise

PayPal (NASDAQ:PYPL), a top publicly traded Fintech, has announced the launch of a dollar-based stablecoin. According to a company statement, PayPal USD or PYUSD is a fully backed digital asset that holds cash, short-term US Treasuries, and similar assets issued in partnership with Paxos, a… Read More

Association of Online Investment Platforms Asks Congress to Push Forward on Legislation that Helps SMEs, Entrepreneurs

The Association of Online Investment Platforms (AOIP) has sent a letter to Congress asking policymakers to move forward legislation that aims to support access to capital for smaller firms and entrepreneurs. The AOIP was created to advocate on behalf of online capital formation for private… Read More

House Digital Asset Legislation Takes Next Step in Markup Hearing with FIT Act

The House Financial Services Committee is holding a markup hearing today for several bills of interest. At the top of the list is the Financial Innovation and Technology for the 21st Century Act (FIT Act) – legislation that aims to define a regulatory approach for… Read More

Digital Asset Legislation: House Committees Introduces Financial Innovation and Technology for the 21st Century Act

The Subcommittee on Digital Assets, Financial Technology and Inclusion, part of the House Financial Services Committee, and the Subcommittee on Commodity Markets, Digital Assets, and Rural Development, part of the House Agriculture Committee, have revealed the Financial Innovation and Technology for the 21st Century Act… Read More

House Committees Issue Statement on Ripple – XRP Ruling, Crypto Legislation Advancing this Month

Representative Patrick McHenry, Chairman of the House Financial Services Committee, and Representative GT Thompson, Chairman of the House Agriculture Committee, have jointly issued a statement on the court ruling this week regarding the SEC’s lawsuit against Ripple and its issuance of XRP. McHenry and Thompson… Read More

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