Incoming House Financial Services Committee chair reintroduces crypto bill

North Carolina’s Representative Patrick McHenry, an incoming chair of the House Financial Services Committee, has reintroduced a crypto bill. The reinstatement of the Financial Services Innovation Act McHenry, who had pushed the Financial Services Innovation Act in 2016 and 2019, announced on Dec. 19 that the act will be reintroduced. The legislation aims to modernize federal financial institutions and create special divisions to help innovators, including those working with blockchain and cryptocurrencies. According to McHenry, legitimate companies can avoid legal trouble by striking a deal to ensure compliance with agencies like the SEC and CFTC. The measure was motivated by