Representative Patrick McHenry (R-N.C.), a leading figure in crypto advocacy within the U.S. Congress, has announced he will not seek re-election in 2024, marking his final year in Congress. As the chairman of the House Financial Services Committee, McHenry has been instrumental in guiding crypto legislation, notably two critical digital assets bills, through the House. His impending departure creates uncertainty around these bills, including one that aims to regulate U.S. stablecoin issuers and another for broader crypto market rules.
McHenry's role as a central GOP negotiator for the stablecoin bill, which was close to completion in collaboration with Rep. Maxine Waters (D-Calif.), highlights his significant influence in bipartisan discussions on crypto regulation. His exit is seen as a pivotal shift in the political landscape of crypto legislation, with his role in the committee set to end in January 2025.
Industry leaders, including Sheila Warren, CEO of the Crypto Council for Innovation, and Kristin Smith, CEO of the Blockchain Association, have lauded McHenry's bipartisan approach and dedication to fostering innovation in the digital asset sector. However, his departure poses challenges for future crypto-specific legislation, despite continued support from other Republican figures like Majority Whip Tom Emmer (R-Minn.) and Rep. French Hill (R-Ark.).
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.