U.S. House Financial Services Chair Patrick McHenry praised advancements in crypto and AI regulation, highlighting the creation of a “crypto and AI czar” role.
Patrick McHenry, Chairman of the U.S. House Financial Services Committee, has emphasized the advancements in crypto regulation, with a particular emphasis on the evolving oversight of cryptocurrencies and artificial intelligence (AI) and the establishment of new leadership positions.
Patrick McHenry Highlight Role of crypto and AI czar
McHenry commended the establishment of a “crypto and AI czar” in a post on the social media platform X Friday, describing it as a significant development.
“The mere fact that the U.S. now has a crypto and AI ‘czar’ reflects the impact of the Financial Services Committee,” he claimed, emphasizing:
The era of regulation by enforcement is over.
The congressman further stated, “The future of the digital asset ecosystem in the United States is more promising than ever, thanks to individuals such as David Sacks and Paul Atkins.” “Paul Atkins possesses the necessary experience and expertise to reestablish trust in the Securities and Exchange Commission.”
I am certain that his leadership will ensure that the digital asset ecosystem is clarified and that the U.S. capital markets continue to be the admiration of the world. The congressman continued.
Two significant appointments were recently announced by President-elect Donald Trump: David Sacks as the White House AI and Cryptocurrency Czar and Paul Atkins as the new Chair of the Securities and Exchange Commission (SEC), succeeding Gary Gensler.
Sacks, a former Paypal executive and venture capitalist, is responsible for the creation of a legal framework that will enhance the U.S. crypto industry and guarantee global competitiveness in artificial intelligence.
Atkins, a former SEC commissioner who is recognized for his pro-crypto posture, is anticipated to modify the agency’s regulatory approach to be more lenient, which could potentially reduce enforcement actions against digital asset firms.
The prospective administration’s intention to promote innovation in emerging technologies and reevaluate existing regulatory measures is indicated by these appointments.