SE Nebraska News

Recently, U.S. Congressman Mike Flood and Financial Services Committee Chairman Patrick McHenry engaged in a fireside chat at the Flyover Fintech conference. They discussed legislative priorities for the remainder of Congress and reflected on McHenry's tenure as Speaker pro tempore.

During the discussion, McHenry emphasized the need for a regulated stablecoin regime at the federal level and clarity on what constitutes a digital asset. He criticized the Securities and Exchange Commission (SEC) for not providing regulatory clarity, stating, "Trying to get headlines by suing Kim Kardashian [rather] than providing regulatory clarity over a trillion-dollar asset class... Talk about playing in triviality."

Flood questioned McHenry about prospects from the Senate regarding market structure. McHenry responded that market structure and stablecoin are open questions for lame duck sessions, noting that election outcomes will influence legislative actions. He mentioned that major legislation like the National Defense Authorization Act and government funding typically carry larger policy sets.

Reflecting on his time as Speaker pro tempore, McHenry noted, "These systems develop over time... had I taken action, I would have eroded the power of the speakership." He stressed understanding one's role within historical context to avoid detrimental effects on future generations.

The full video of their discussion is available online, with specific segments covering these topics.