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Patrick McHenry

Patrick McHenry (R)

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Notable statements

Rep. Patrick McHenry has 7 statement(s) about crypto.

"Congress must work to fully understand and embrace these innovative new technologies, like #crypto. We don’t need knee-jerk reactions by lawmakers to regulate out of fear of the unknown."

@PatrickMcHenry December 8, 2021 on Twitter

"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. So, we need a fix. The “fix” debate started in the Senate. But, it didn’t go anywhere. As I said in August, if the Senate can’t get it done, we’ll fight it out in the House. I’ll be introducing a bill to put guardrails in place to clarify the scope of the new reporting requirements. We need to keep America at the forefront of innovation."

@PatrickMcHenry September 27, 2021 on Twitter

"Policymakers should be on the side of innovation and ingenuity, which are vital to American competitiveness. I hope others in US govt join me. #Bitcoin"

@PatrickMcHenry January 26, 2021 on Twitter

"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. We must not hastily apply regulation that picks a side, favoring one type of technology over the other. This will only hamper development of cutting edge technology & hold America back on the world stage. The House must continue to examine this issue to preserve our nation’s leading role in global #financial innovation. I will work to ensure it provides protection for American innovation, & will put forward needed changes to achieve this goal. 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"

@PatrickMcHenry August 9, 2021 on Twitter

"I agree, Commissioner. It’s time for the Commission to take a more welcoming approach to crypto, not put up additional barriers."

@PatrickMcHenry May 12, 2021 on Twitter

"You're exactly right Mayor @FrancisSuarez — China's decision to restrict access presents a perfect opportunity for American leadership on #cryptocurrency."

@PatrickMcHenry September 24, 2021 on Twitter

"As you know, a substantial portion of digital asset miners’ energy use is based on renewable sources. Additionally, many miners use other power sources, like natural gas, that may otherwise go unused. JAI Energy in Wyoming is an example of a company that is working with oil and gas producers to make a positive environmental impact through bitcoin mining. Bitcoin mining that utilizes flared gas is also reducing methane emissions in Texas, New Mexico, Colorado, West Virginia, Ohio, and North Dakota. This private sector-led breakthrough is an important tool to a lower emission future. Finally, digital asset mining can have a substantial stabilizing effect on energy grids. It maintains robust baseload levels, yet it can be switched off quickly in times of peak demand. Most importantly, digital assets, and their related mining activities, are essential to the economic future of the United States. Other countries are rapidly moving to adopt digital assets and are attracting large amounts of capital and talent in the hopes of growing their own financial services sectors as digital assets and distributed ledger technology are widely adopted in the coming decade. The United States, as the global financial services leader, cannot rest on its laurels. We must focus on promoting responsible innovation so that our country can compete in a hypercompetitive, globalized economic system. Treasury Secretary Yellen articulated it best last week when she stated regulation should also be “tech neutral.” Favoring one technology over another, including proof-of-work versus proof-of-stake, can stifle innovation, erode future economic gains, and limit affiliated efficiencies. Digital assets are an essential component of promoting financial inclusion and have created new wealth building opportunities for Americans. American leadership in digital asset technologies is essential to ensuring the next generation of Americans can enjoy the prosperity and opportunity that our country has been blessed with. As you evaluate the potential environmental issues surrounding digital assets, the critical role that responsible innovation will play in our long-term economic future cannot be overlooked."

Representative Patrick McHenry & Colleagues Letter to Michael Regan, Administrator of United States Environmental Protection Agency June 16, 2022

Crypto bill sponsorship

Rep. Patrick McHenry has put out 3 crypto bills.

Keep Innovation in America Act

H.R. 6006
Sponsored
Bill pending

This bill expands the definition of broker, for purposes of tax information reporting, to include any person who (for consideration) stands ready in the ordinary course of a trade or business to effect sales of digital assets at the direction of their customers. It also provides for reporting requirements for digital assets (i.e., any digital representation of value that is recorded on a cryptographically secured distributed ledger).

The bill requires a study and a report on the treatment of digital assets as cash for purposes of reporting requirements for cash payments of more than $10,000.

Eliminate Barriers to Innovation Act

H.R. 1602
Sponsored
Bill pending

This bill requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to jointly establish a working group on digital assets. The working group must (1) report on the impact of the U.S. legal and regulatory framework on the digital asset market; and (2) provide recommendations regarding digital asset market fairness and integrity, cybersecurity standards, and the reduction of fraud and manipulation.

Clarity for Digital Tokens Act

H.R. 5496
Sponsored
Bill pending

This bill excludes certain offerings of digital tokens (i.e., a digital representation of value or rights recorded on a publicly available ledger) from securities registrations.

The exclusion from securities registration is in effect until the later of 3 years from the date of the first sale of a token or 3 years after the effective date of the bill. During this exclusionary period, the initial development team of a token must disclose every 6 months details of the network—the system of connected devices that create and validate the ledger of transactions. This includes disclosure of the source code, the transaction history, the economics of the token, the plan to achieve network maturity, prior token sales, information regarding the team, trading platforms used, and certain material transactions.

On or before the end of this period, the team must report to the Securities and Exchange Commission regarding the maturity of the network. Network maturity is reached either through decentralization of the network or through network functionality, as specified by the bill. If network maturity is not reached within 3 years, the initial development team must register the tokens as a security.

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