Patrick McHenry Urges Congress to Pass CLARITY Act Quickly

Former House Financial Services Committee Chair and a16z Senior Technology Policy Advisor Patrick McHenry wrote that Congress should move quickly to pass the CLARITY Act. According to Foresight News, he compared the crypto market structure bill to the 1996 Telecommunications Act, saying both were forward-looking, had broad bipartisan support, and required coordination across multiple committees. McHenry said U.S. financial legislation since the 2008 financial crisis has mostly been reactive, while the CLARITY Act would be the first comprehensive financial policy in nearly three decades to be drafted before a crisis. He rejected the view that current securities laws are already sufficient to regulate the crypto industry, arguing that companies need clear rules to build and start businesses with confidence. He also said other countries are moving quickly and warned that if the U.S. does not legislate in time, global capital and innovation will flow to markets with clearer rules.