North Carolina Representative Patrick McHenry to Retire from Congress
North Carolina Representative Patrick McHenry, chair of the United States House Financial Services Committee and a proponent of many pieces of crypto-focused legislation, has announced his retirement from Congress. In a statement, McHenry stated that he will not seek re-election and is expected to leave Congress in January 2025. McHenry has served as a representative for 20 years since January 2005.
During his time as chair of the House Financial Services Committee, McHenry has been an advocate for passing bills that establish regulatory clarity for digital assets. He has also acted as interim Speaker of the House when Republican members were unable to agree on a replacement for former speaker Kevin McCarthy.
Industry Leaders Express Appreciation
Industry leaders have expressed their appreciation for McHenry’s leadership on crypto policy. Jake Chervinsky, soon-to-be former chief policy officer of the Blockchain Association, thanked McHenry on Twitter for his contributions. Coinbase president Emilie Choi also expressed gratitude for his service to the country.
Impact on Upcoming Elections
McHenry’s retirement announcement comes ahead of the 2024 election day in the United States. Several candidates for U.S. President have made crypto one of their key campaign issues, including Vivek Ramaswamy, Ron DeSantis, and Robert F. Kennedy Jr.
Hot Take: Patrick McHenry Leaves Congress with Crypto Legacy
Representative Patrick McHenry’s retirement from Congress marks the end of an era for crypto-focused legislation. Throughout his tenure, McHenry has been a strong advocate for establishing regulatory clarity for digital assets. His leadership and bipartisan approach have been widely appreciated by industry leaders and organizations like the Crypto Council for Innovation. As the crypto industry continues to grow and evolve, the void left by McHenry’s departure will be felt. However, with upcoming elections and candidates who prioritize crypto, there is hope for continued progress in this space.
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