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Rep Patrick McHenry, the U.S House Financial Services Commission is believed to be pro-crypto. However, he never claimed the same publicly.
During a Coinbase event on March 20, 2024, Patrick McHenry highlighted that the stablecoin bill is getting close to being ready for a House vote despite recent interruptions in Congress.
This indicates a bipartisan effort and an essential foundation in the legislative process for digital currency.
McHenry notes that the chance of such legislation succeeding has grown dramatically in recent months. He has also expressed his “optimism” that Congress would pass the legislation in 2024 to provide regulatory clarity for digital assets.
He adds, “I think we have a couple of opportunities before the election to see real policy.”
“If we talked about this in November to today, the odds are better that things will get done,” said McHenry. “We’ve got more opportunities now, and that’s not a normal thing for an election year.”
He asserts that the move to replace Kevin McCarthy with Mike Johnson has disrupted his attempts to advance several bills related to the crypto industry. He also claims that Johnson has effectively navigated and passed contentious laws.
McHenry concludes by saying, “I think we’re at the phase where we can see the airport, we can see how we’re going to land the plane,” and “We just don’t know when we’re going to land the plane.”
How Big is the Stablecoin Market?
According to available data, the stablecoin market climbed nearly $140 Billion for the first time since 2022. Tether (USDT) and USDC (USDC) are the two most traded stablecoins in the market.
The collective market capitalization of the stablecoin category is $149,156,560,184, and the trading volume is $131,736,498,937. Tether (USDT) solely contributed $103.92 Billion to the stablecoin market.
Market Price Update
The market capitalization has reflected a strong reversal in the past 24 hours; as of writing, it was $2.55 Trillion with a growth of 5.42%.
The Fear & Greed Index, powered by CoinMarketCap, shows 82, which denotes extreme greed. Many analysts have observed the Fear & Greed Index of the past 30 days and claim that extreme market greed might direct future price declines.
Bitcoin, the market leader, has shown significant growth of 4.72% intraday and was $67,004 as of writing. Its market capitalization has also grown 4.80% in the same time frame.
Ondo (ONDO) price grew 31.11% in the past 24 hours, followed by JasmyCoin (JASMY), which added 27.65%. No significant price decline has been seen in the past 24 hours, although Render (RNDR) slips 2.99%.
Other News
Coinbase, a leading cryptocurrency exchange, and BlackRock, the world’s largest asset manager, have allied to launch BUIDL. It is a blockchain-based fund that aims to offer a new feature of earning U.S. dollar yield by blending blockchain and traditional finance sectors.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Sam Chess is an utterly focused person looking for the minute details having potential to make a big difference. He is a writer and proofreader with a zeal to understand the cryptocurrency market. Additionally, he can be found trying to figure out the biggest mystery in the industry, Satoshi Nakamoto.
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