• Patrick McHenry is the Chairman of the House Financial Services Committee, which has led the crypto legislation efforts within the House. He said that 2024 would be his last year in Congress.
  • McHenry’s departure creates uncertainty about two important crypto bills that could be voted on by the House next year, although he will still be there.

In a Tuesday post on X, Rep. Patrick McHenry, R-N.C., arguably the crypto sector’s most powerful advocate in the U.S. Congress has decided to not seek another term.

McHenry’s decision, as the chairman of House Financial Services Committee continues to guide two important pieces of digital asset legislation towards floor votes in House of Representatives could set a timer on completing this task. Rep. French Hill (R-Ark. The chair of the panel’s subcommittee focused on crypto has indicated that progress will be made in the first few months of 2019. One bill is to regulate U.S. Stablecoin Issuers, and the other to establish rules for crypto markets.

McHenry confirmed the news , first reported by Politico. “I think there’s a time for everything, and for me this season is over.” I am looking forward to the future for me and my family.

McHenry was a key GOP negotiator on the stablecoin legislation, which had almost reached its conclusion in discussions with Rep. Maxine Wassers (D-Calif.), who is the ranking Democrat of the committee. Waters indicated that she is still willing to complete the work. This legislation has been widely viewed as having the best chance of being approved and possibly finding success in the Democrat controlled Senate.

In recent weeks, he suddenly rose to the position of acting House speaker, after his colleagues dismissed Rep. Kevin McCarthy, R-Calif.

Sheila Warren said in a statement on Tuesday that “we have appreciated McHenry’s approach to building coalitions, his willingness to work with a bipartisan spirit and his constructive engagement with the industry.” “He will be noticed in Congress.”

McHenry’s term as chairman of the committee, which was about to end, will now last until January 2025. It can be detrimental to a legislator’s negotiation power when he announces his departure from Congress.

Kristin Smit, CEO of the Blockchain Association said: “Chairman McHenry has been a champion for innovation and digital assets.” “His bipartisan, commonsense approach to rules that improve the current status quo while ensuring that this technology is developed on American soil will be a prudent example for Congress when it comes to future crypto-specific laws. We’re sorry to see an industry leader leave the House but we’re happy to continue to work with him for another 13-months.

Hill and Tom Emmer, the majority whip in the House of Representatives (R-Minn.), are still supporters. It also has strong critics in the Senate, including Sen. Elizabeth Warren. Sherrod Brown, the Chairman of the Senate Banking Committee (D-Ohio), is also a powerful critic.

Read more: Patrick McHenry is dragging crypto bills through Congress

UPDATE (5 December 2023, 1737 UTC) Adds McHenry’s announcement.

UPDATE (5 December 2023, 17h42 UTC) : Added a comment by the CEO of the Crypto Council for Innovation.

UPDATE (5 December 2023, at 18:46 UTC). Added a comment by the Blockchain Association.

Nikhilesh De.