Former Rep. Patrick McHenry Advocates for the Clarity Act as a Pivotal Framework for Crypto

Former Rep. Patrick McHenry Advocates for the Clarity Act as a Pivotal Framework for Crypto In an essay originally published in Fortune, former Congressman Patrick McHenry argues that the Clarity Act represents a historic, proactive opportunity to establish regulatory market structure for cryptocurrency, comparing its potential impact to the Telecommunications Act of 1996. McHenry compares the Clarity Act to the Telecommunications Act of 1996, calling it a forward-looking effort to support emerging technology with consumer safeguards. The legislation aims to break a post-2008 pattern of reactive financial policy, providing clear rules instead of relying on century-old securities laws. The bill seeks to give businesses operational certainty, protect consumers and investors, and equip law enforcement to combat bad actors. McHenry notes growing bipartisan momentum in Congress, citing the passage of the stablecoin-focused GENIUS Act as evidence of legislative appetite. A Shift From Reactive Financial Policy McHenry contends that major financial legislation since the 2008 financial crisis, such as Dodd-Frank, has been largely backward-looking and crisis-driven. He positions the Clarity Act as the first chance since the Gramm-Leach-Bliley Act nearly three decades ago to enact comprehensive financial policy that is not precipitated by a financial disaster, shifting the nation away from an outdated regulatory stance. Addressing Industry Needs and Law Enforcement Rejecting claims that existing securities laws suffice or that crypto firms want no oversight, McHenry asserts that businesses actively desire clear boundaries to build and invest with confidence. The Clarity Act is designed to prevent arbitrary enforcement crackdowns, establish protections for investors and consumers, and arm law enforcement agencies with tools to deter bad actors. Bipartisan Momentum and Global Competitiveness Pointing to the bipartisan passage of the stablecoin-regulating GENIUS Act, McHenry expresses confidence in cross-party support for broader crypto market structure. He warns that foreign jurisdictions are rapidly developing rules, meaning global innovation and capital could leave the United States unless Congress acts to preserve the country's status as the leading capital market.

麦克亨利前议员呼吁通过《清晰度法案》确立加密市场监管框架 前国会议员帕特里克·麦克亨利指出，国会推进的加密市场结构立法《清晰度法案》是自1996年《电信法》以来罕见的前瞻性举措，旨在通过明确的监管框架摆脱长期以来的危机应对模式，维护美国在全球金融与科技领域的领导地位。 《清晰度法案》是自《格雷姆-里奇-比利雷法案》以来罕见的非危机驱动型全面金融立法，对标1996年《电信法》的跨委员会与前瞻性特征。 反驳现行近百年历史证券法足以覆盖加密领域的观点，指出企业迫切需要明确的运营边界以防范任意执法。 法案将提供消费者与投资者保护，并赋予执法机构打击犯罪行为的必要工具。 稳定币监管法案《GENIUS法案》此前已获参众两院跨党派通过，为市场结构立法奠定了两党共识基础。 从被动应对转向前瞻性立法 麦克亨利回顾称，自2008年金融危机以来，从多德-弗兰克法案到后续银行改革，美国金融政策几乎均属于回溯性、针对过往危机的被动产物。《清晰度法案》则打破了这一模式，成为近三十年来首个非危机催生的全面金融政策，其规模和前瞻性类似于1996年的《电信法》，展现了国会对新兴技术机遇的主动拥抱。 明确规则对行业创新与保护的必要性 针对“现有证券法已足够”或“行业抗拒监管”的说法，麦克亨利指出大小企业实际都在呼吁明确的规则体系。清晰的监管边界能让创业者在无需担忧任意打压的前提下创造就业与建立企业，同时《清晰度法案》也将落实消费者与投资者保护，并向执法机构提供识别和制止违法分子的手段。 两党立法势头与全球金融主导权竞争 麦克亨利强调，监管稳定币的《GENIUS法案》已在参众两院以广泛跨党派支持通过，证明国会已认识到数字资产的长期存在。鉴于海外竞争对手正在积极行动且全球资本趋向规则明确的市场，美国需要通过《清晰度法案》建立安全且具韧性的监管环境，以防在21世纪的经济竞争中丧失技术与金融中心地位。

*This article, written by former Congressman [Patrick McHenry](https://x.com/PatrickMcHenry?lang=en), was originally published in* [Fortune](https://fortune.com/2026/07/16/clarity-act-patrick-mchenry/)*.* Spending more than two decades in Congress, I saw firsthand how legislative momentum can propel our country forward — and how legislative inertia can leave us scrambling to catch up. Today, Congress stands at a crossroads: the United States can remain the world’s technological and financial capital or give it all away, potentially to adversaries who are mounting an active challenge to U.S dominance. The crypto market structure legislation currently moving through Congress, the Clarity Act, is unlike anything we’ve seen since the Telecommunications Act of 1996: a large-scale, forward-looking effort to embrace technological change and introduce consumer safeguards for a nascent technology. Like that earlier landmark law, this effort enjoys broad bipartisan support and requires coordination across multiple committees. And that only happens when Congress recognizes the high stakes. For too long, American financial policy has been in a reactive crouch. Since the 2008 financial crisis, virtually every major piece of legislation – from Dodd-Frank to subsequent banking reforms – has been backward-looking, designed to address past crises rather than prepare for the next frontier. While these measures serve important purposes, they’ve left us with a regulatory framework built for yesterday’s risks, not tomorrow’s opportunities. Crypto market structure legislation can break this pattern. For the first time since the Gramm-Leach-Bliley Act of nearly three decades ago, we have the chance to enact comprehensive financial policy measures that aren’t precipitated by crisis. Some argue that nearly century-old securities laws already cover what crypto needs, or even claim that the industry would prefer no regulation at all. As someone who has spent his career cutting red tape and championing the free market, I can understand where those arguments come from. In this case, though, they are simply wrong Those who claim the legal status quo for crypto is just fine have not listened to what businesses large and small are actually saying. They are asking for rules to operate. When entrepreneurs know boundaries, they build confidently within them. The internet and the thousands of startups that made America the world’s tech leader flourished not despite regulation, but because smart regulation created the infrastructure and protections users and investors required. Over time, decentralized innovations can also prove their worth within a regulatory framework. But first, we need the framework itself. The framework in the Clarity Act can ensure entrepreneurs feel confident in creating jobs and building businesses without fear of arbitrary or unexplained crackdowns. Upon becoming law, it will establish protections for consumers and investors, and give law enforcement agencies the tools they need to identify and stop criminals and bad actors seeking to hurt the American people. I’m proud of many bills passed during my tenure in Congress, including those I led as chair of the House Committee on Financial Services, that made important strides, but this effort dwarfs them in scope and significance. This legislation is governance at its best: Congress identifying an emerging sector with enormous potential, and responding with the regulatory clarity needed for that sector to flourish within appropriate guardrails. While there is disagreement on precise details, almost everyone – from entrepreneurs and investors to academics and policymakers – agrees that this regulatory clarity is crucial for blockchain technologies and the innovation and economic growth they enable to thrive. What gives me confidence that we are closer than ever to a breakthrough is the remarkably broad support this has garnered in Congress. The GENIUS Act, which regulates stablecoins, passed both chambers of Congress with strong bipartisan backing. And various crypto market-structure bills have attracted sponsors from across parties and the ideological spectrum. Members understand digital assets aren’t disappearing and recognize it’s time to act. Other countries are moving aggressively, and global capital and innovation will flow to markets with clear rules. The Clarity Act is our best chance to maintain America’s role as home for global capital markets deployed in the world’s safest, most resilient regulatory environment, with rule of law and property rights clearly defined. This is about digital assets, but it’s also about deciding if America will lead the 21st-century economy and set the pace for the world or only react to crises. I hope that decision is obvious. *You’re receiving this newsletter because you signed up for it on our websites, at an event, or elsewhere (you can opt out anytime using the ‘unsubscribe’ link below). This newsletter is provided for informational purposes only, and should NOT be relied upon as legal, business, investment, or tax advice. This newsletter may link to other websites or other information obtained from third-party sources — a16z has not independently verified nor makes any representations about the current or enduring accuracy of such information. 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