Patrick McHenry, the former congressman who led crypto legislation last year and now serves as a senior advisor at a16z, emphasizes a pivotal opportunity for the crypto industry to enact favorable law amidst the current Congress. He anticipates significant debates between stablecoin leaders Tether and Circle over regulations governing U.S. stablecoin issuers, suggesting that both companies are actively lobbying on Capitol Hill. McHenry highlights support from key congressional figures and cautions that effective laws will outperform regulatory stopgaps. He reflects on previous legislation surrounding stablecoins and forecasts a heated legislative session ahead. Meanwhile, Rostin Behnam, former head of the Commodity Futures Trading Commission, notes that while industry momentum is unrelenting, the slow pace of regulatory implementation poses challenges. He warns that post-legislation, regulators will take time to develop and finalize new rules, with the process potentially extending several months or beyond.

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