Patrick McHenry argues that Washington should preserve competition in tokenized securities instead of favoring particular platforms or market structures before the sector matures.
Patrick McHenry argues that Washington should preserve competition in tokenized securities instead of favoring particular platforms or market structures before the sector matures.
Former House Financial Services Committee Chairman Patrick McHenry has called on U.S. policymakers to avoid selecting winners in the emerging tokenized securities market. In a CoinDesk opinion article, he argues that investors should be able to choose among competing models as the technology develops.
Former House Financial Services Committee Chairman Patrick McHenry has called on U.S. policymakers to avoid selecting winners in the emerging tokenized securities market. In a CoinDesk opinion article, he argues that investors should be able to choose among competing models as the technology develops.
The debate matters because early policy decisions could shape which companies and systems control access to blockchain-based securities. McHenry’s position is that competition gives the market room to test different approaches and determine which ones work best.
Tokenized securities use blockchain infrastructure to represent traditional financial assets. Their development has attracted attention from financial companies and policymakers considering how existing securities rules should apply to new methods of issuance, ownership and trading.
McHenry writes from both policy and industry perspectives: he previously chaired the House Financial Services Committee and now serves as vice chairman of tokenization company Ondo Finance. His central argument is that Washington should support investor choice and avoid creating gatekeepers before the market has had an opportunity to evolve.
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