- Rep. Patrick McHenry, a leading crypto advocate in Congress, announced he will not seek reelection in 2024. As chairman of the House Financial Services Committee, he shepherded key crypto legislation.
- McHenry cultivated close ties with crypto firms that donated generously to his campaigns. His departure is a significant loss for the industry.
- The future chair of the House Financial Services Committee is uncertain. Reps. Blaine Luetkemeyer, Bill Huizenga and Ann Wagner are possibilities, but none match McHenry’s crypto leadership.
Rep. Patrick McHenry, the chairman of the House Financial Services Committee who has shepherded crypto legislation this year, said he’s decided not to run again next year, according to Politico. McHenry’s departure is a loss for the crypto industry as he has been a vocal supporter.
The News
Rep. Patrick McHenry (R-N.C.), the chairman of the House Financial Services Committee who has shepherded crypto legislation this year, said he’s decided not to run again next year, Politico reported Monday evening.
McHenry, 47, has served in the House since 2005. As head of the financial services panel and its oversight subcommittee, he’s played a key role overseeing the crypto industry and trying to set guardrails around the fast-evolving ecosystem.
“After much prayer and reflection with my family, I’ve decided I will not seek re-election to the United States Congress in 2024,” McHenry said in a statement to Politico. “It’s time for me to move to the next chapter.”
McHenry was one of the original sponsors of stablecoin legislation that passed the House with bipartisan support in April. The bill would require stablecoin issuers to maintain high-quality liquid assets to fully back tokens. He has also pushed measures that would establish regulatory clarity for digital asset companies.
The North Carolina Republican has cultivated close ties with crypto firms that have donated generously to his campaigns. Executives from FTX, now bankrupt, and its sister trading firm Alameda Research were among his biggest contributors in the 2022 cycle, according to OpenSecrets.
McHenry’s departure is a loss for the industry as he has been one of the most vocal crypto advocates in Congress. There are still relatively few lawmakers well-versed in digital assets and distributed ledger technology.
The future chair of the House Financial Services Committee is still up in the air. Rep. Patrick McHenry (R-N.C.) currently holds the gavel after Republicans retook the majority. But he’s leaving at the end of this term.
The next in line after McHenry is Rep. Blaine Luetkemeyer (R-Mo.). He is a senior member of the panel and serves as chair of its consumer protection and financial institutions subcommittee. Luetkemeyer has taken an interest in crypto issues but keeps a lower profile than McHenry.
Other possibilities include Reps. Bill Huizenga (R-Mich.) and Ann Wagner (R-Mo.).
Conclusion
The departure of Rep. Patrick McHenry is a significant loss for the crypto industry as he has been one of the most knowledgeable and vocal supporters in Congress. As chairman of the House Financial Services Committee, he played a key role in pushing forward legislation to establish a regulatory framework for digital assets. While other Republican lawmakers may take up the mantle, McHenry’s leadership on crypto issues will be missed. His exit underscores the need for the industry to further educate policymakers about the potential benefits and risks of this new technology.
