McHenry predicts difficulty passing crypto bills in Democratic House

Former House Financial Services Committee Chairman Patrick McHenry said he does not expect a crypto-friendly bill to pass the House under Democratic control in the new Congress, warning on Unchained's "Bits + Bips" podcast that the chamber could block industry legislation. McHenry, who made the remarks on the 9th, said the new Congress is more pro-crypto across both parties than it was six or eight years ago, but argued the industry must consolidate its political power and sustain public support so lawmakers do not target the sector. Democrats won majorities in both chambers in the midterm elections on the 3rd, putting them in position to set the House agenda. The comments matter because they signal that legislative progress on U.S. crypto market structure may stall despite growing bipartisan sympathy. What to watch next is whether industry-backed bills can advance through a Democratic-controlled House or must wait for a shift in the chamber's leadership.