June 24, 2024
Crypto Legislation Advocate McHenry to Exit Congress in 2025
Latest Cryptocurrency News

McHenry Steps Down: Two-Decade Tenure in Congress Ends in 2025

Representative Patrick McHenry, head of the United States House Financial Services Committee and a supporter of various crypto-focused legislation, has revealed plans to retire from Congress. In a statement on December 5, McHenry announced he won’t seek reelection and is anticipated to exit Congress in January 2025, completing a two-decade tenure since his induction in January 2005.

“I haven’t taken this decision lightly, but I believe every chapter has its end, and for me, this chapter is closing,” stated McHenry. “There are capable members present and forthcoming. I trust the House is in capable hands.”

McHenry’s role as chair of the House Financial Services Committee saw him advocating for the passage of bills aiming to establish clear regulations for digital assets. He also served as interim speaker of the House during a period when Republican members couldn’t unify behind a successor for former Speaker Kevin McCarthy.

Sheila Warren, CEO of the Crypto Council for Innovation, acknowledged McHenry’s consistent acknowledgment of responsible innovation and well-suited financial sector regulations. Warren stated that his coalition-building approach, bipartisan efforts, and industry engagement were valued.

Jake Chervinsky, soon-to-be former chief policy officer of the Blockchain Association, expressed gratitude to McHenry for his leadership on crypto policy on X (previously Twitter). Various industry figures on the platform, including Coinbase president Emilie Choi, voiced regret at McHenry’s exit from Congress.

McHenry’s announcement arrived approximately a year before the 2024 United States election. Several U.S. presidential hopefuls, such as Republicans Vivek Ramaswamy and Ron DeSantis, along with independent candidate Robert F. Kennedy Jr., have highlighted crypto as a key campaign issue.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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