PANews reported on November 16 that according to CoinDesk, Patrick McHenry (R-NC), chairman of the Financial Services Committee of the U.S. House of Representatives, and Rep. Rich Torres (DN.Y) led a group of nine lawmakers to urge the Treasury Department to revise its proposed digital asset tax system. The group supported cryptocurrency representatives and lawyers who called the proposed tax plan a "dangerous and improper ultra vires." "If finalized, the proposed regulation's definition of a digital asset 'broker' is too broad, the definition of 'digital asset' is inadequate, and the unreasonably short comment period could prevent a significant digital asset ecosystem from continuing to exist in the United States. The main crux of the controversy is also how the proposal would treat custodial wallet providers, payment processors, some decentralized finance (DeFi) entities, and other entities as "brokers" for tax reporting purposes.

House Financial Services Committee Chairman Patrick McHenry (NC-10), Majority Whip Tom Emmer (MN-06), Digital Assets Subcommittee Chairman French Hill (AR-02), and Congressman Ritchie Torres (NY-15) led bipartisan lawmakers to send a letter to U.S. President Joe Biden and Treasury Secretary Janet Yellen asking about the scale of Hamas's crypto fundraising campaign, scope and duration, the letter calls for the launch of a fact-finding into the true extent to which terrorists are using cryptocurrencies to raise funds. Congress must understand the size, scope and duration of Hamas's digital asset operations and whether the United States has succeeded in confiscating illicit digital assets, the letter said, and other issues aimed at examining the role of the United States in sanctioning wallets and seizing funds that may be linked to Hamas or other organizations.

Golden Finance reported that House Financial Services Committee Chairman Patrick McHenry (NC-10) announced that the House Capital Markets Subcommittee will hold a hearing titled "Oversight of the SEC Investment Management Division" next week, with a specific date of September EST 10:00 am on the 19th.

Jinse Finance reported that Patrick McHenry (NC-10), Chairman of the House Financial Services Committee, announced that the Digital Assets, Financial Technology and Inclusion Subcommittee will hold a hearing on the digital dollar on September 14. The title of the hearing is: "Digital Dollar Dilemma : Central Bank Digital Currencies and the Impact of Private Sector Alternatives.” The event will be held on September 14, 2023 at 2:00PM Eastern Time.