Former US lawmakers and regulators have emphasized the need for comprehensive crypto legislation, with Patrick McHenry predicting a 'wicked hot summer' for Congress. McHenry, who previously championed the Financial Innovation and Technology for the 21st Century Act, believes that solid laws will provide better protection for the industry than regulatory stopgaps. He expects a significant battle between US stablecoin issuers, including Circle and Tether, over how non-US issuers will be handled. Despite the challenges, McHenry is optimistic that a reasonable solution will be found for Tether, allowing it to operate with US investors.
Meanwhile, former Commodity Futures Trading Commission chief Rostin Behnam cautioned that implementing new laws will take time, requiring cooperation from regulators and lawmakers. The industry continues to evolve, largely unregulated at the federal level, with Behnam noting that it cannot be stopped from developing and trading tokens.