Tagged: patrick mchenry

SEC Approves New Rules for Private Fund Advisors

In an open meeting of the Commission today, the SEC approved new rules to regulate private fund advisors. The SEC said that the new rules are designed to “protect private fund investors by increasing transparency, competition, and efficiency in the private funds market.” SEC Chairman… Read More

Digital Assets: Chair of House Financial Services Sends Letter to SEC, FINRA Questioning Prometheum Relationship, Says Investor Has Ties to CCP

The Chair of the House Financial Services Committee, Representative Patrick McHenry, along with other Committee Republicans, have sent a letter to the Chair of the SEC, Gary Gensler, as well as the FINRA President Robert Cook, questioning the relationship with Prometheum and the approval for… Read More

Former OCC Head, Dean of Economics at University of Austin, Tout Stablecoins as Path to Ongoing Dollar Supremacy

There has been a lot of discussion about the US Dollar remaining the top reserve currency around the world. Having the dollar be the big dog in the realm of fiat brings a lot of benefits to the US and must be a leading policy… Read More

PayPal Announces US Dollar Stablecoin, Congressional Leader Says Stablecoins Hold Promise

PayPal (NASDAQ:PYPL), a top publicly traded Fintech, has announced the launch of a dollar-based stablecoin. According to a company statement, PayPal USD or PYUSD is a fully backed digital asset that holds cash, short-term US Treasuries, and similar assets issued in partnership with Paxos, a… Read More

Association of Online Investment Platforms Asks Congress to Push Forward on Legislation that Helps SMEs, Entrepreneurs

The Association of Online Investment Platforms (AOIP) has sent a letter to Congress asking policymakers to move forward legislation that aims to support access to capital for smaller firms and entrepreneurs. The AOIP was created to advocate on behalf of online capital formation for private… Read More

House Digital Asset Legislation Takes Next Step in Markup Hearing with FIT Act

The House Financial Services Committee is holding a markup hearing today for several bills of interest. At the top of the list is the Financial Innovation and Technology for the 21st Century Act (FIT Act) – legislation that aims to define a regulatory approach for… Read More

Digital Asset Legislation: House Committees Introduces Financial Innovation and Technology for the 21st Century Act

The Subcommittee on Digital Assets, Financial Technology and Inclusion, part of the House Financial Services Committee, and the Subcommittee on Commodity Markets, Digital Assets, and Rural Development, part of the House Agriculture Committee, have revealed the Financial Innovation and Technology for the 21st Century Act… Read More

House Committees Issue Statement on Ripple – XRP Ruling, Crypto Legislation Advancing this Month

Representative Patrick McHenry, Chairman of the House Financial Services Committee, and Representative GT Thompson, Chairman of the House Agriculture Committee, have jointly issued a statement on the court ruling this week regarding the SEC’s lawsuit against Ripple and its issuance of XRP. McHenry and Thompson… Read More

House Financial Services Committee Asks the SEC to Withdraw Proposal to Redefine an Exchange, Impacting Digital Assets

In a bit of a stealth rulemaking attempt, the Securities and Exchange Commission (SEC) has proposed new rules that would impact the definition of an exchange. The amendments regarding the definition would also impact Alternative Trading Systems (ATSs).  As the SEC deems all digital assets… Read More

House Financial Services Committee and Agriculture Committee Share Draft Digital Asset Legislation, Leverages Existing Exemptions, Proposes New “Tailored Exemption”

Under the leadership of Republicans, the US House of Representatives continues to push forward on financial services policy matters that aim to support Fintch innovation. Today, the Chair of the House Financial Services Committee, Patrick McHenry, and the Chair of the Committee on Agriculture, Glenn… Read More

House Committee: “If we fail to provide a functional framework for digital assets in this country, all we’re doing is forcing this activity to happen on offshore exchanges”

Last week a hearing took place that joined the House Subcommittee on Digital Assets, Financial Technology & Inclusion with the House Agriculture Committee’s Subcommittee on Commodity Markets, Digital Assets, and Rural Development entitled “The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset… Read More

House Subcommittee on Digital Assets, Fintech Schedules Another Hearing on Stablecoins

The Chairman of the House Financial Services Committee, Patrick McHenry, has announced another hearing on stablecoins. Scheduled by the Subcommittee on Digital Assets, Financial Technology, and Inclusion, the hearing is entitled: “Putting the ‘Stable’ in ‘Stablecoins:’ How Legislation Will Help Stablecoins Achieve Their Promise.” The… Read More

McHenry Comments on JPM Takeover of First Republic Bank

As was previously reported, First Republic Bank has gone into receivership by the Federal Deposit Insurance Corporation (FDIC) – now representing the second-largest bank failure in history. JP Morgan Chase (NYSE:JPM) has stepped in to take over the bank as a bidding process took place… Read More

Three Top House Republicans Send Letters to Federal Agencies Demanding Info on Push to De-Bank Digital Asset Firms

Representative Patrick McHenry, Chairman of the House Financial Services Committee, has joined with Representatives French Hill, Digital Assets, Financial Technology, and Inclusion Subcommittee Chairman, and Bill Huizenga, Oversight and Investigations Subcommittee Chairman, to send letters to federal agencies demanding information on the move to de-bank… Read More

Congressman Patrick McHenry Comments on Markup Meeting, Legislation Could Improve Investment Crowdfunding, Access to Capital

As CI reported yesterday, the House Financial Services Committee has scheduled a markup session for pending legislation. Many of the proposed bills are designed to improve access to capital as well as improve JOBS Act rules. In a statement in advance of the meeting, Congressman… Read More

Former CFPB Employee Steals Data on 256,000 Customers

A former Consumer Financial Protection Bureau (CFPB) employee has stolen information from around 256,000 individuals, according to multiple reports. WSJ.com states that the information included “confidential supervisory” data from 45 different institutions. Most of the information was said to be from a single unnamed institution…. Read More

House Financial Services Committee Chair Patrick McHenry Ripped SEC Chair Gary Gensler on Ethereum

While the Securities and Exchange Commission (SEC) has aggressively pursued enforcement actions against digital asset platforms and issuers, the industry has complained the rules are unclear, making compliance a challenge. At the same time, the SEC has asked crypto trading platforms to come in and… Read More

Chairman of the House Financial Services Committee Patrick McHenry, Representative Ann Wagner, Criticize SEC Chair for Neglecting Capital Formation Mission

Representative Patrick McHenry and Representative Ann Wagner have sent a letter to Securities and Exchange Commission Chair Gary Gensler criticizing him for neglecting the Commission’s mission to enable access to capital for businesses. McHenry is Chairman of the House Financial Services Committee, and Wagner is… Read More

House Financial Services Committee Leadership Hammers SEC Chair Gary Gensler on Lack of Info on Charges Against Sam Bankman-Fried, FTX Founder

Representative Patrick McHenry, Chairman of the House Financial Services Committee, and Representative Bill Huizenga, Chairman of the Subcommittee on Oversight and Investigations, have joined in sending a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler criticizing him for a failure to provide information… Read More

McHenry Criticizes Overly Burdensome Requirements on Lenders by the CFPB

Congressman Patrick McHenry has commented on the Consumer Financial Protection Bureau’s (CFPB) release of its final rule for small business lending data collection as directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 1071. McHenry is the Chairman of the House Financial… Read More

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