Incoming US Congress More Pro-Crypto Than Past Sessions, Says Patrick McHenry
Key Takeaways
- •Former House Financial Services Committee Chairman Patrick McHenry assessed that the incoming Congress shows greater cross-party support for cryptocurrency than the sessions seated six and eight years earlier.
- •McHenry, a North Carolina Republican who chaired the committee from 2023 to 2025, called on the crypto industry to consolidate its political influence before the new legislature convenes following the November midterm elections.
- •During his tenure, McHenry helped advance the Financial Innovation and Technology for the 21st Century Act (FIT21), a crypto market-structure measure that passed the House in May 2024.
- •The CLARITY Act, which would divide digital asset oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, cleared the House in July 2025 but has stalled in the Senate, leaving the proposed oversight split without effect.
- •Current Bitcoin market pricing indicates limited expectations of the cryptocurrency reaching $200,000 by the end of the year, with the odds remaining low.
Patrick McHenry, former chairman of the U.S. House Financial Services Committee and one of Washington's most prominent advocates for digital assets, said the incoming Congress is more supportive of cryptocurrency across both major political parties than the sessions seated six and eight years ago.
McHenry, a North Carolina Republican who led the Financial Services Committee from 2023 to 2025, urged the cryptocurrency industry to consolidate its political influence as the newly elected legislature prepares to convene following the November midterm elections. Having spent years at the center of House digital asset policy, his read on bipartisan sentiment carries weight as a measure of how congressional attitudes toward the industry have shifted since the earlier sessions he referenced.
McHenry built his reputation as a leading voice on digital asset policy during his tenure atop the banking panel. He helped steer the Financial Innovation and Technology for the 21st Century Act (FIT21), a crypto market-structure measure, to passage in the House in May 2024.
His latest comments come as U.S. crypto policy remains in focus. The CLARITY Act, a comprehensive market-structure bill designed to divide digital asset oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, passed the House in July 2025 but has stalled in the Senate. Like FIT21, it addresses how digital asset markets should be structured and overseen, and its Senate stall means the proposed division of oversight between the two agencies has yet to take effect. With key legislation still pending, how markets and the industry respond to these political shifts remains a point of interest.
Separately, current Bitcoin market pricing shows limited expectations of the largest cryptocurrency reaching $200,000 by year-end, with odds remaining low.
What to Watch
Attention will center on how the incoming Congress approaches cryptocurrency regulation and whether stalled measures such as the CLARITY Act regain momentum. Key indicators include whether new legislation that could affect digital asset markets advances, and whether U.S. financial authorities or influential political figures make significant policy announcements.
