Patrick McHenry

Mr. McHENRY

Mr. McHENRY. Mr. Chairman, I yield 2 minutes to the gentlewoman from Colorado (Ms. Caraveo), who has been a fantastic leader on the Agriculture Committee on digital assets.

Mr. McHENRY. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the bill (H.R. 4763).

Mr. McHENRY. Mr. Chairman, I yield myself such time as I may consume. Today, Congress will establish a new high-water mark for digital asset policy. To be clear, this joint effort between the Financial Services Committee and the Agriculture Committee did not come together overnight. Far from it. We formed subcommittees, convened working groups, heard from countless stakeholders, and received input from Members across the ideological spectrum in the House of Representatives. Last July, we passed the bipartisan Financial Innovation and Technology for the 21st Century Act, FIT21, out of our respective committees. Each step in this process has created a new high-water mark. The next step will be a broad bipartisan vote today to finally provide the robust consumer protections and clear regulatory framework established by this bill. FIT21 will cement the United States' global leadership in technological innovation, invention, and adoption. Unfortunately, our current regulatory framework is preventing digital assets innovation from reaching its full potential. The SEC and the CFTC are currently in a food fight for control of these asset classes. They have created an impossible situation where the same firms are subject to competing and contradictory enforcement actions by the two different agencies, leaving consumers behind, leaving innovators behind. FIT21 fixes this by creating a regulatory framework that will provide clear rules of the road and strong guardrails for Americans engaging with the digital asset ecosystem. At its core, FIT21 applies time-tested consumer protections to ensure that the 20 percent of Americans who engage in the digital asset ecosystem can do so safely and so more Americans can engage, as well. Today, we have the opportunity to answer the calls of consumers, digital asset innovators, and the Biden administration. We can establish the next high-water mark for digital assets here in the United States. Mr. Chair, I urge my colleagues to support consumer protection, innovation, and American leadership by voting for FIT21, and I reserve the balance of my time.

Mr. McHENRY. Mr. Chair, I yield 4 minutes to the gentleman from Pennsylvania (Mr. Thompson), the chair of the Agriculture Committee and partner in FIT21.

Mr. McHENRY. Mr. Chairman, I yield an additional 1 minute to the gentlewoman from Washington.

Mr. McHENRY. Mr. Chairman, I yield 2 minutes to the gentleman from Arkansas (Mr. Hill), the chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion, who has shepherded this bill along very well.

Mr. McHENRY. Mr. Chair, I yield 2 minutes to the gentleman from South Dakota (Mr. Johnson), my good friend and the chair of the Commodity Markets, Digital Assets, and Rural Development Subcommittee of the Agriculture Committee.

Mr. McHENRY. Mr. Chair, may I inquire as to the time remaining on both sides.

Mr. McHENRY. Mr. Chair, I yield an additional 30 seconds to the gentleman from New Jersey.

Mr. McHENRY. Mr. Chair, may I inquire how much time I have remaining.

Mr. McHENRY. Mr. Chair, I yield 1\1/2\ minutes to the gentleman from North Carolina (Mr. Nickel), my colleague and friend who has been a great leader on digital assets and pragmatic policy here in the House.

Mr. McHENRY. Mr. Chairman, I yield 2 minutes to the gentleman from Minnesota (Mr. Emmer), who is a great leader for digital assets, cryptocurrency, and innovation.

Mr. McHENRY. Mr. Chair, the gentlewoman from California has indeed been a great advocate for consumer protection. Mr. Chair, I yield 1 minute to the gentleman from New Jersey (Mr. Gottheimer).

Mr. McHENRY. Mr. Chair, I yield 1 minute to the gentleman from New York (Mr. Molinaro), who is a leader on the Agriculture Committee.

Mr. McHENRY. Mr. Chair, I yield 1\1/2\ minutes to the gentleman from Ohio (Mr. Davidson), who is the vice chair of the Individual Assets and Financial Technology Subcommittee and the OG, as they say, in the crypto space.

Mr. McHENRY. Mr. Chair, I yield 1 minute to the gentleman from Kansas (Mr. Mann).

Mr. McHENRY. Mr. Chair, I yield 1 minute to the gentleman from Nebraska (Mr. Flood), a great legislator in the innovation space.

Mr. McHENRY. Mr. Chair, I yield 1 minute to the gentleman from Tennessee (Mr. Rose), a great leader on the Agriculture and Financial Services Committees.

Mr. McHENRY. Mr. Chair, may I inquire how much time is remaining.

Mr. McHENRY. Mr. Chair, I yield 1 minute to the gentleman from Oklahoma (Mr. Lucas), a leader on the Agriculture Committee, a former chair of the Agriculture Committee, a great leader on the Financial Services Committee, and also the chair of the Science Committee, before I forget.

Mr. McHENRY. Mr. Chair, I yield 1 minute to the gentleman from Michigan (Mr. Huizenga), the chair of the Oversight and Investigations Subcommittee of the House Financial Services Committee.

Mr. McHENRY. Mr. Chair, does the gentlewoman have any additional speakers?

Mr. McHENRY. Mr. Chair, I yield 1 minute to the gentlewoman from California (Mrs. Kim).

Mr. McHENRY. Mr. Chair, I yield 1 minute to the gentleman from Wisconsin (Mr. Steil), the chair of the House Administration Committee and a great member of the Financial Services Committee on innovation policy.

Mr. McHENRY

Mr. McHENRY. Mr. Speaker, due to the unforeseen circumstances, I was unable to cast my votes for H.R. 5863 or H.R. 3019. Had I been present, I would have voted YEA on Roll Call No. 219 and YEA on Roll Call No. 220.