Crypto Loses Top Ally as House's McHenry Declines Reelection

• Significant Advocate for Crypto Industry in U.S Congress, Rep. Patrick McHenry, Declines Another Term
• The Role of Rep. French Hill in Cryptocurrency Legislation
• McHenry's Statement on Retirement
• Impact of McHenry's Departure on the Crypto Industry
• House Republicans in Support of the Crypto Industry

Significant Advocate for Crypto Industry in U.S Congress, Rep. Patrick McHenry, Declines Another Term

North Carolina's Representative Patrick McHenry, a key proponent for the cryptocurrency sector in U.S Congress, has confirmed his decision not to pursue re-election. This was communicated via a Tuesday post on X. As the Head of the House Financial Services Committee, McHenry has been instrumental in advancing two critical digital assets bills towards floor voting in the House of Representatives. His retirement decision could set a timeline for achieving this aim.

The Role of Rep. French Hill in Cryptocurrency Legislation

French Hill, the Chair of the panel's crypto-focused subcommittee from Arkansas, has signalled that the movement on these bills would shift to the commencement of the new year. These two significant bills aim to regulate U.S stablecoin issuers and establish regulations for the broader crypto market.

McHenry's Statement on Retirement

I will be retiring from Congress at the conclusion of my present term, McHenry stated, confirming the news initially reported by Politico. He added, For everything, there is a season, and for me, this season has come to an end. I am excited about what lies ahead for my family and me.

McHenry has played a pivotal role as a GOP negotiator for the stablecoin bill, which was near completion in discussions with Maxine Waters from California, the committee's top-ranked Democrat. Despite McHenry's forthcoming exit, Waters has shown her willingness to complete this legislative work.

Impact of McHenry's Departure on the Crypto Industry

The outgoing North Carolina lawmaker, who is popular for his bowties and pragmatic deal-making across party lines, recently saw a surprising elevation to the House's Acting Speaker position following Rep. Kevin McCarthy's dismissal by his colleagues. McHenry's term will conclude in January 2025. However, when a lawmaker conveys their departure, it can sometimes affect their negotiation power.

CEO of the Crypto Council for Innovation, Shiela Warren, remarked on Tuesday, His tenure has focused on strengthening American leadership in the global financial system and ensuring that Americans have the opportunity to participate fully in the digital assets economy. She also expressed appreciation for McHenry's collaborative efforts, bipartisan work approach, and subsequent contributions to the industry. His absence in Congress will be conspicuous.

House Republicans in Support of the Crypto Industry

The crypto industry still enjoys support from several House Republicans, including Majority Whip Tom Emmer and Hill. Nonetheless, powerful critics like Senators Elizabeth Warren and Sherrod Brown, the Senate Banking Committee's chair, persist on the Senate side.

Edited by Jonathan Stoker