All 435 seats in the U.S. House of Representatives will be up for grabs in the 2024 election, with the future of crypto bills in the House Financial Services Committee uncertain.
Representative Patrick McHenry, chair of the United States House Financial Services Committee and a proponent of many pieces of crypto-focused legislation, will be retiring from Congress.
In a Dec. 5 statement, McHenry said he would not seek reelection to the U.S.
“This is not a decision I come to lightly, but I believe there is a season for everything and — for me — this season has come to an end,” said McHenry.
During his time as chair of the House Financial Services Committee, McHenry was one of the few crypto proponents in Congress who pushed for passing bills to establish regulatory clarity for digital assets.
“Chairman McHenry is an unparalleled leader who has consistently recognized the importance of responsible innovation and fit-for-purpose regulation in the financial sector,” said Sheila Warren, CEO of the Crypto Council for Innovation.
Jake Chervinsky, soon-to-be former chief policy officer of the Blockchain Association, thanked McHenry on X (formerly Twitter) for his “leadership on crypto policy.” Some industry leaders on the social media platform expressed regret at the North Carolina Representative’s departure, including Coinbase president Emilie Choi.
You’ve had an incredible run.