Crypto Advocate Patrick McHenry Announces Retirement from Congress
Summary:
Patrick McHenry, Chair of US House Financial Services Committee and supporter of crypto-focused legislation, has decided to retire from Congress. McHenry, who is known for his efforts to establish regulatory clarity for digital assets, is expected to depart from Congress in January 2025. His announcement was met with regret from various crypto-industry leaders, including the CEO of the Crypto Council for Innovation and the outgoing chief policy officer of the Blockchain Association.
Patrick McHenry, the United States House Financial Services Committee's chairperson and a key supporter of many crypto-focused legislations, has announced his retirement from Congress. McHenry made a statement on December 5 stating he won't be running for a place in the U.S. House of Representatives again and plans to leave in January 2025. By the time he steps down, McHenry will have served as a representative for two decades, having taken his oath in January 2005.
McHenry disclosed that the decision wasn't made carelessly but he believes that his time in this role has come to an end. He expressed his confidence in the remaining members and their future replacements, affirming that the House is in safe hands.
Throughout his tenure as the chair of the House Financial Services Committee, McHenry was among the handful of crypto supporters in Congress who advocated for establishing clear regulations for digital assets through the passing of bills. He also temporarily acted as the House Speaker when the Republican members couldn't agree on a single candidate to take the place of the previous Speaker, Kevin McCarthy.
Responding to McHenry's retirement, Sheila Warren, the CEO of the Crypto Council for Innovation, applauded his leadership and his continuous recognition of responsible innovation and the need for appropriate regulations in the financial sector. She credited McHenry's cooperation, his willingness for bipartisan work and his beneficial interactions with the industry and expressed how he will be sorely missed from Congress.
Jake Chervinsky, the outgoing chief policy officer of the Blockchain Association, showed his gratitude on X (previously Twitter) for McHenry's "leadership on crypto policy." Many industry veterans on the social media platform, including Emilie Choi, the president of Coinbase, expressed their remorse over the North Carolinian Representative's departure.
McHenry's revelation came a year before the 2024 U.S elections, where all 435 House of Representatives seats will be contested, alongside 33 Senate seats and the U.S presidency. Some presidential candidates have prioritised crypto in their campaigns, including Republicans Vivek Ramaswamy and Ron DeSantis, and even independent Robert F. Kennedy Jr.
Published At
12/5/2023 9:07:13 PM
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