McHenry Sees US Crypto Legislation Possible by Memorial Day

McHenry Sees US Crypto Legislation Possible by Memorial Day

Patrick McHenry says a comprehensive crypto bill could be signed by late May, with Senate action potentially before Easter as stablecoin yield disputes remain unresolved.

Fact Check
The evidence provided strongly supports the truthfulness of the statement. The most compelling evidence comes from the official congressional pages for Senator Tommy Tuberville and Senator Bill Cassidy. These primary sources explicitly state that crypto-related bills they were involved with have "become law." This directly satisfies the conditions of the statement — that the United States has passed crypto legislation. Furthermore, this is powerfully corroborated by evidence of significant legislative momentum before the Memorial Day deadline. A major piece of legislation, H.R. 4763, passed the House of Representatives on May 22, as confirmed by GovTrack and the voting record of Rep. Ro Khanna. This event, occurring just before Memorial Day, aligns perfectly with predictions from key lawmakers like Rep. Patrick McHenry. While the passage of H.R. 4763 through the House does not make it a law on its own, it is a critical step in "passing legislation." When combined with the senators' pages indicating other bills have completed the entire process, the overall claim becomes very credible. The remaining sources, such as the existence of congressional committees on digital assets and relevant hearings, establish that cryptocurrency is a high-priority legislative topic, making the passage of a bill plausible. There is no contradictory evidence among the sources. The combined weight of direct claims of bills becoming law and the confirmed, timely passage of a landmark bill through one chamber makes the statement very likely true.
Summary

White House advisor Patrick McHenry said a comprehensive cryptocurrency market structure bill could be signed by May 25, with Senate action possible before Easter. McHenry and Patrick Witt reported that negotiations have reached agreement on banning false advertising of stablecoins, but disagreements persist over whether centralized exchanges can offer interest payments on stablecoin holdings. The legislation remains a White House priority, with key terms on stablecoin yields under active discussion.

Terms & Concepts
  • Stablecoin: A cryptocurrency pegged to a stable reserve asset, such as the U.S. dollar, to reduce volatility.
  • Stablecoin Yield: The interest or return provided to holders of stablecoins when issuers invest underlying reserves.