US lawmaker hints at urging Republican votes in 2022 midterm over crypto policy

North Carolina Representative Patrick McHenry may have used his virtual appearance at a cryptocurrency conference as a soapbox to solicit votes in the 2022 US midterm elections.

In a pre-recorded message to attendees at the Converge22 conference in San Francisco on September 29, McHenry suggested that the goal of a “clear regulatory framework” for digital assets could prompt US lawmakers to develop legislation. The Republican lawmaker used terms including “bipartisan consensus” and support from both major political parties over certain regulatory frameworks related to digital assets and stablecoins before apparently encouraging crypto users to vote red in the next election.

“To ensure these technologies flourish here in the United States, we need to bring regulatory clarity to the digital asset ecosystem,” McHenry said. “This will be one of my top priorities if I become chairman of the House Financial Services Committee next Congress.”

The current chair of the House Financial Services Committee, Representative Maxine Waters, was endorsed by the 2018 Democratic Caucus to serve on the committee’s leadership after the party regained control of the House of Representatives. According to the rules of procedure, the majority party recommends a leader, while the minority party recommends a ranking member.

McHenry appeared to suggest that by voting for Republicans to take control of the House, he would prioritize policies for crypto users. At the time of publication, 221 representatives in the House caucus were with the Democrats, while the Republicans hold 212 seats. The slim majorities in both the House and Senate have many experts suggesting that Republicans have a chance to flip both chambers in the November 2022 Midterms, ie.

Related: Coinbase to educate users on policies held by local politicians with new app integration

Under United States Federal Election Commission rules, candidates, campaigns and political action committees generally must attach a disclaimer to any ad promoting the election of one candidate or the defeat of another, unless it is deemed “of minimal value.” While McHenry’s speech largely focused on the draft bill and suggested that stablecoins were a “bipartisan entry point for Congress to bring clear rules to the digital asset ecosystem,” mixing crypto and politics is nothing new.

Coinbase CEO Brian Armstrong made waves in September 2020 after a blog post in which he described the crypto exchange as “laser-focused on achieving its mission” as part of a company that largely refrained from engaging in US politics. The crypto exchange launched a voter registration portal in August as part of a crypto political education initiative.