- House Financial Services Chairman Patrick McHenry plans to retire in January 2025.
- McHenry has emphasized the necessity for clearer crypto regulations.
- The Crypto Council for Innovation, a prominent industry group, expressed gratitude for McHenry.
House Financial Services Chairman Patrick McHenry has declared his intention to retire when his term concludes in January 2025. The announcement, made on Tuesday, came as a shock to many, considering McHenry’s influential role in shaping financial legislation.
Thank you to my bosses at home in western North Carolina for giving me the opportunity to serve you. I strived each day in this job to not let you down. Being entrusted as your voice in Washington is my highest honor and that remains true today. My goal has always been to be a voice for western North Carolina to Washington, not the other way around.
McHenry has always supported the digital currency sector. The Crypto Council for Innovation, a leading industry group, expressed its gratitude towards McHenry, hailing him as an “unparalleled leader” who will be missed. Sheila Warren, the CEO of the Crypto Council for Innovation, issued a statement acknowledging McHenry’s contributions to advancing the industry’s interests on Capitol Hill.
While McHenry faced term limits as the top Republican on the Financial Services panel, discussions have already surfaced regarding his successor. Arkansas Republican French Hill, a seasoned panel member with a background in commercial banking and investment management, has signaled his interest in taking the gavel.
McHenry has emphasized the need for precise regulations and is a strong supporter of new laws governing blockchain technology and digital currency.
McHenry has aggressively supported a regulation measure supported by the sector that aims to define the regulations that federal agencies should enforce on cryptocurrencies. He was also vouching for a bill that specifically addressed the question of whether cryptocurrencies should be classified as securities or commodities.
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