Patrick McHenry, former chairman of the House Financial Services Committee, has urged the cryptocurrency industry to strengthen its political alliances to preserve regulatory gains. He considers congressional support essential to prevent a return to stringent rules resembling those of the Gensler era. The failure of the CLARITY Act in the Senate has left cryptocurrency market-structure legislation stalled, increasing regulatory uncertainty. The market nevertheless anticipates a more favorable environment, slightly increasing projections for Bitcoin’s rise by the end of the year.
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