Former House Financial Services Chair Patrick McHenry slammed the crypto industry on Bloomberg TV for failing to pass market structure legislation this year.
"Frankly, you had a crypto coalition that blew it," McHenry said. "They had an opportunity to legislate, and they were holding out for something that was unattainable, a perfect piece of legislation. And rather than take something that was good, many of them held out for perfection, and now have ended up with nothing legislatively."
McHenry's comments suggest crypto lobbyists overplayed their hand, rejecting workable compromises in pursuit of ideal terms—and walked away empty-handed.
"Frankly, you had a crypto coalition that blew it," McHenry said. "They had an opportunity to legislate, and they were holding out for something that was unattainable, a perfect piece of legislation. And rather than take something that was good, many of them held out for perfection, and now have ended up with nothing legislatively."
McHenry's comments suggest crypto lobbyists overplayed their hand, rejecting workable compromises in pursuit of ideal terms—and walked away empty-handed.