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Patrick McHenry

Republican Congressperson from North Carolina, 10

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Notable statements

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Patrick McHenry

@PatrickMcHenry

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For too long, the U.S. digital asset ecosystem has been plagued by regulatory uncertainty that stifled innovation and left consumers unprotected. #FIT21 will cement American leadership of the global financial system and bolster our role as an international hub for innovation. x.com/FinancialCmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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#ICYMI: New court filings indicate that @SECGov Chair Gary Gensler knowingly misled Congress when pressed on the classification of #ETH at a @FinancialCmte hearing to conduct oversight of his agency. 📖 Read my full statement 👇 pic.twitter.com/8osMpbY6Iu
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Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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Reports indicate @GaryGensler is moving to unilaterally classify #ETH as a security. This is contrary to the @CFTC's assessment and the @SECgov's prior actions. Congress decides the SEC's jurisdiction and budget, Chair Gensler doesn't get to make it up as he goes along. x.com/FinancialCmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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Chair Gensler’s enforcement team’s egregious misconduct will have broad implications on SEC authority beyond his crypto crusade. Gensler requested more funding for enforcement last year, now a judge calls out the SEC’s abusive and deceptive legal practices. This must end. x.com/financialcmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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There is bipartisan agreement SAB 121 undermines consumer protection and leaves customers' digital assets vulnerable. I look forward to getting this measure across the finish line to overturn it. Thanks to @USRepMikeFlood, @RepWileyNickel, and @SenLummis for your leadership. twitter.com/USRepMikeFlood…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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#ICYMI This morning, I joined @SquawkCNBC to discuss what’s next for @FinancialCmte, Chair @GaryGensler's failures on crypto, and border funding. 📺 WATCH ⬇️ https://t.co/HVaMZie7UU
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Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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Today’s spot Bitcoin ETF approvals mark a historic milestone for the future of the digital asset ecosystem. While action to provide clarity and certainty for digital assets remains necessary, the steps taken today are a significant improvement over regulation by enforcement. twitter.com/financialcmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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#ICYMI I joined my friend @JasonSaine97th on his show to discuss my retirement, the year in Congress, cryptocurrency legislation, and more. 📺 WATCH ⬇️ https://t.co/vXxVVLhbqC
Very pro-crypto
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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🚨#ICYMI: @FinancialCmte advanced legislation to prohibit the @federalreserve from issuing a #CBDC without Congressional approval. Read more on our bill, led by @GOPMajorityWhip, to protect our financial system and the privacy of the American people. ⬇️ https://t.co/Aj7Fc14jbS
Very pro-crypto
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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A government issued and controlled Central Bank Digital Currency poses a serious threat to the American people. A #CCP-style CBDC threatens the privacy and civil liberties of Americans & I am fighting to ensure the Fed does not sidestep Congress to issue a #CBDC. pic.twitter.com/dZAw0yqrAu
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Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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SEC Chair @GaryGensler's crusade against the digital asset ecosystem is falling apart under scrutiny from the courts. This is yet another example of why a comprehensive regulatory framework, like the FIT for the 21st Century Act, must be made law. coindesk.com/policy/2023/08…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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RT @giancarloMKTS: 3 take-aways: 1) @CFTC continues to bring #crypto into regulatory envelope by existing reg process, not just by enforcem…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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#ICYMI: U.S leadership in stablecoins can cement the Dollar's global reserve currency status. Our bipartisan Clarity for Payment Stablecoins Act provides the necessary consumer protections to help this technology achieve its full potential. Read more 🔗 wsj.com/articles/stabl…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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RT @FinancialCmte: #BREAKING: Chairman @PatrickMcHenry's Clarity for Payment Stablecoins Act passes the Financial Services Committee with B…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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Americans deserve clarity for payment stablecoins and there has been good faith, bipartisan work to deliver that clarity. Today, Democrats are obstructing this good work at the behest of the White House. The American people deserve better. twitter.com/FinancialCmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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The FIT for the 21st Century Act constitutes an unprecedented joint effort to bring clarity to the digital asset ecosystem. As @FinancialCmte and @HouseAgGOP prepare to consider this measure at our upcoming markups, read the updated text of this historic legislation.👇 twitter.com/FinancialCmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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RT @jp_koning: This is a step forward. Stablecoin credit ratings have debuted via @bluechip_org, with the New York stablecoins (GUSD, BUSD,…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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The FIT for the 21st Century Act would not have been possible without the leadership of @FinancialCmte members. I applaud @RepFrenchHill, @GOPMajorityWhip, and @WarrenDavidson for their hard work on this unprecedented effort to bring clarity to the digital asset ecosystem. twitter.com/FinancialCmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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If these reports are accurate, @GaryGensler has a lot of explaining to do. An ETF would provide everyday investors with an SEC-regulated product. The only reason for Chair Gensler to oppose is if he wants to kill crypto in the U.S. all together. wsj.com/articles/sec-s…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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I'm glad to see leaders in #NCGA engage seriously with digital asset policy. As Congress develops clear rules of the road for the digital asset ecosystem, NC must continue leading the way by advancing pro-innovation policies at the state level. blockworks.co/news/north-car…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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This discussion draft is a critical first step toward much-needed clarity for the digital asset ecosystem. I encourage the public to provide constructive feedback to help us get this right. Thanks to @CongressmanGT, @RepFrenchHill, and @RepDustyJohnson for your partnership. twitter.com/FinancialCmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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Recently, I had the pleasure of speaking with @unc_law students. We discussed my work on data privacy, capital formation, & digital assets. Thanks to the students that joined me for this discussion & thank you to Lincoln County constituent, Kendall Williams, for the invitation. pic.twitter.com/g3e1nn29sb
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Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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Chair @GaryGensler says existing law provides clarity for which digital assets are securities vs commodities. Yet, he refuses to publicly say if the second largest digital asset is a security—despite previously calling it a commodity. How is this clarity? 📺 Watch 👇 pic.twitter.com/QdFWvIuQGv
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Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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For two years, Democrats gave @GaryGensler a pass for his disastrous agenda. It's time for accountability. From his destructive climate disclosure rule to his regulation by enforcement of digital assets, Chair Gensler’s agenda has weakened capital markets & stifled innovation. twitter.com/FinancialCmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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RT @FinancialCmte: #WATCH: Chairman @PatrickMcHenry demands Chair Gensler share his views on #ETH. After publicly defining #Bitcoin as a c…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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As @HesterPeirce said: @GaryGensler's "sweeping 'just about every crypto asset is a security' statements also seem to be part of a broader strategy of wishing complete jurisdiction over crypto into existence." Congress delegates authority to the SEC, not the other way around.
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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Yesterday's @SECgov action on qualified custodians is clearly part of the Biden Administration's attack on the digital asset ecosystem. Let me be clear: the future of the digital assets is a major political and economic question that must be decided by Congress. twitter.com/FinancialCmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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I’m proud to welcome all of our new and returning members to @FinancialCmte. From oversight of the Biden Administration, to enhancing capital formation opportunities, to developing clear rules of the road for digital assets—we have a lot of work to do. twitter.com/FinancialCmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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Chair Gensler wants to push the digital asset ecosystem overseas to "protect" American investors. Instead, Congress must develop a clear, comprehensive regulatory framework in the U.S. to protect Americans AND allow innovation to thrive here at home. finance.yahoo.com/video/sec-gens…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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#ICYMI: The collapse of FTX makes it abundantly clear we need to establish a legislative framework and provide clarity to the treatment of digital assets. We will be holding bipartisan hearings in the @FinancialCmte so we can get the answers Americans and FTX’s customers deserve. twitter.com/FinancialCmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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When the "cop on the beat" is too busy chasing headlines to do the work of protecting investors—investors get hurt.   This is why @FinancialCmte has urged Chair Gensler to focus on the SEC's core mission, while Congress works to provide clear rules of the road for digital assets. twitter.com/squawkcnbc/sta…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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As I said last month, reports are not a substitute for legislative clarity. It's clear that Congressional action is the only way to end @GaryGensler's regulation by enforcement, and ensure the digital asset ecosystem can thrive here in the U.S. twitter.com/FinancialCmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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RT @FinancialCmte: #NEW: RM @PatrickMcHenry on the Biden Administration's digital assets reports: "Reports are not a substitute for legisl…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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The @federalreserve can't move forward with a #CBDC without authorizing legislation from Congress. Before taking action, Congress must work to understand the risks a CBDC could pose to privacy, private sector innovation, and American consumers. twitter.com/FinancialCmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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The regulation by enforcement at @GaryGensler's SEC is stifling American innovation. If the U.S. wants to lead the deployment of the next generation of internet technology, we must provide clear, thoughtful rules of the road for the digital asset ecosystem. twitter.com/HesterPeirce/s…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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#ICYMI: @RepHuizenga and I voiced concerns with the potential impact of recent SEC rulemakings on the digital asset ecosystem. We're demanding @GaryGensler clarify how these proposals would affect #DigitalAssets and give the public more time to weigh in. cointelegraph.com/news/congressm…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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It must be Groundhog Day. Democrats are once again using a massive, partisan legislative package to sneak through destructive digital asset policies. First in the infrastructure Investment and Jobs Act, and now in this so-called China competitiveness bill.
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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This provision raises serious due process and transparency concerns. It would also grant Treasury the power to prohibit American’s digital currency payments worldwide & allow the Secretary to ban financial institutions unilaterally & indefinitely from dealing in cryptocurrencies.
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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#ICYMI: Last week I spoke to @BreitbartNews about the need to stop the efforts of the Biden Administration & progressive Dems against the growth of digital assets, #cryptocurrencies, & #blockchain. We must encourage innovation, not stifle it. breitbart.com/politics/2022/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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It's critical that we carefully evaluate the current regulatory environment for digital assets, like #cryptocurrencies, and work to provide additional clarity for innovators. These decisions should be made by Congress, not regulators. twitter.com/FinancialCmte/…
Very pro-crypto
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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RT @FinancialCmte: #LiveNow: Ranking Member @PatrickMcHenry leads Republicans as the Committee holds a hearing with #crypto CEOs to explore…
Very pro-crypto
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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I am proud to lead this initiative to ensure a potential U.S. Central Bank Digital Currency promotes essential American values. Should the U.S. consider adopting a CBDC, it must help maintain our greatest competitive advantage—the dominance of the U.S. financial system. twitter.com/FinancialCmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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#ICYMI: On Sunday I joined @FCPwithGreta to discuss the importance of understanding and embracing #crypto and why my bill, the Eliminate Barriers to Innovation Act, will help. Click here to watch ➡️ https://t.co/dzibcATo6U
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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The U.S. should be a global leader, not a global follower, when it comes to digital assets. My bill, which builds on the great work of SEC Commissioner @HesterPeirce, will help provide the necessary legal certainty to digital asset projects when they launch. twitter.com/FinancialCmte/…
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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Why is Congress using an infrastructure bill to write the rules for new #technology? That’s exactly what Democrats are trying to do. The #crypto tax reporting provision in the Senate-passed bill will have long-lasting and harmful implications for #innovation here in the U.S.
Very pro-crypto
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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This is not the end. This is a public negotiation. If the Senate can’t get it done, we’ll fight it out in the House. #Crypto
Very pro-crypto
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Patrick McHenry

@PatrickMcHenry

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Given the distinct nature of #digital assets—not all of which are financial products—we need to allow time for thoughtful deliberation to get this right. The bipartisan Toomey-Warner-Lummis-Sinema-Portman compromise amendment would have been a good step in this direction.
Very pro-crypto