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By: U.S. law firm Brownstein Hyatt Farber Schreck

House Financial Services Committee Chair Patrick McHenry's (R-NC) announcement to retire at the end of the 118th Congress on Dec. 5 sent shockwaves throughout the financial services space, setting up a potentially legacy-defining 2024 for the 10-term Republican. Chair McHenry's departure will embolden his efforts to enact key pieces of his legislative agenda before the end of this term. This client alert will outline legislative possibilities in 2024, along with a look ahead of key regulatory items that are expected to be proposed or finalized.

Congressional Priorities

In early December interviews with Politico and Punchbowl News, Chair McHenry outlined his priorities and views on the financial services landscape in the year ahead. His stated top priorities include passing legislation on digital assets, data privacy and capital formation.

With respect to digital assets, the House Financial Services Committee (HFSC) passed its long-awaited digital assets regulatory framework bill, the Financial Innovation and Technology for the 21st Century Act (H.R. 4763), in July 2023. The 200-page bill would empower the Commodities Futures Trading Commission (CFTC) to conduct oversight over certain types of digital assets. It also requires the Securities and Exchange Commission (SEC) to develop a 30-day certification process to designate crypto firms as decentralized. At the end of July, the HFSC held a......................

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