McHenry Statement on Biden Administration's Digital Assets Reports

Statement

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement regarding the reports released by the Biden Administration under Executive Order 14067--Ensuring the Responsible Development of Digital Assets.

"Reports are not a substitute for legislative clarity," said Republican Leader McHenry. "The digital asset ecosystem is a critical component of the future of U.S. growth and competitiveness. Instead of acknowledging this fact, the Biden Administration is largely focused on the potential risks of digital assets. With clear rules of the road, this innovative technology can revolutionize our financial markets, modernize our payments system infrastructure, and provide new opportunities to consumers. Also glaringly absent from these reports is any significant acknowledgement of the benefits that stablecoins--if issued under a clear regulatory framework--can provide to our payments system and consumers.

"Republicans have consistently said the benefits of a potential U.S. CBDC must outweigh the risks--these reports fail to make the case. The Biden Administration has not adequately identified what problems a CBDC would solve or whether private sector payment solutions could provide a better alternative.

"Bottom line, regulation by enforcement without clear rules of the road from Congress is not the solution. We must create a regulatory framework that fosters American innovation, while also protecting consumers. It is critical that Congress continues to engage in a bipartisan, bicameral way to manage risk, while still enabling the digital asset ecosystem to thrive in the U.S."

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