SE Nebraska News

Recently, U.S. Congressman Mike Flood and Financial Services Committee Chairman Patrick McHenry engaged in a discussion at the Flyover Fintech conference. The conversation touched on legislative priorities for Congress and reflected on McHenry's tenure as Speaker pro tempore.

During the chat, McHenry emphasized the need for a regulated stablecoin regime at the federal level and clear definitions of digital assets. He criticized the Securities and Exchange Commission (SEC) for not providing clarity in this area, stating, "Much of what pretends to be a digital asset is actually fraudulent activity in the current state of play because we have not defined what is a digital asset." He added that Congress needs to intervene due to SEC's lack of regulatory guidance.

Flood inquired about potential actions from the Senate concerning market structure. McHenry identified market structure and stablecoin as unresolved issues, noting that upcoming elections would influence legislative outcomes. He highlighted two significant bills—National Defense Authorization Act and government funding—as priorities before year-end.

McHenry also reflected on his decision-making approach during his time as Speaker pro tempore, emphasizing historical context over immediate power dynamics: "These systems develop over time... had I taken action, I would have eroded the power of the speakership."

The dialogue provided insights into ongoing legislative challenges and future directions for digital asset regulation.