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In a recent interview with The Block, Rep. Patrick McHenry (R-NC) discussed his views on cryptocurrency and its potential impact on the financial industry. As a senior Republican on the House Financial Services Committee, McHenry has been involved in shaping crypto regulation and believes that it’s important for policymakers to understand the technology behind it.

McHenry emphasized that cryptocurrency is not just about investment opportunities, but rather a chance to restructure the architecture of the internet and create a more user-centric online experience. He highlighted data privacy as a key issue, stating that individuals should have more control over their personal information and how it’s monetized.

The congressman also discussed the Token Taxonomy Act, a bipartisan bill he co-sponsored with Rep. Warren Davidson (R-OH) that aims to exempt certain cryptocurrencies from securities laws. According to McHenry, the bill would provide clarity for regulators and entrepreneurs, while also giving the Commodity Futures Trading Commission (CFTC) a clear role in regulating digital assets.

McHenry expressed his excitement about the Token Taxonomy Act’s prospects, citing the bipartisan support it has received. However, he acknowledged that there’s still much work to be done before it becomes law. He also emphasized that legislators are not technologists and may struggle to understand the complexities of blockchain and cryptocurrency.

In an op-ed for The Hill, McHenry recently urged the Democratic Party not to become anti-crypto, as the technology is growing and has the potential to benefit constituents. He believes that crypto is more than just a price ticker and has the potential to restructure the internet in a user-centric way.

McHenry also touched on the misconceptions surrounding cryptocurrency, stating that people often focus solely on its investment potential instead of its broader implications for data privacy and the internet’s architecture. He believes that blockchain technology will become increasingly relevant in daily life and encouraged policymakers to take it seriously and not be afraid of it.

Overall, Rep. Patrick McHenry seems to have a positive view of cryptocurrency and its potential impact on society. He emphasizes the importance of understanding the technology behind it and recognizes its potential to benefit constituents. As a key player in shaping crypto regulation, his views are likely to have an impact on the industry’s future.