How would you rate the influence of Rep. Patrick McHenry, R-N.C.?

The crypto bills that he had been fervently shepherding through the U.S. House of Representatives completely stalled when he was absent from work and stood in for Speaker .

This profile is included in CoinDesk’s Most Influential list for 2023. Click here to see the complete list.

The tenacious congressman has re-ignited the fight for House votes to regulate stablecoin issuers in the United States and create comprehensive oversight over the crypto markets. After raising the bills to unprecedented heights, the bow-tied chair of the House Financial Services Committee made it his mission to get his committee to approve them with bipartisan support – despite the opposition of the panel’s top Democrat.

McHenry, who is pragmatic and open-minded, has a reputation for being willing to work with other parties. He negotiated with Rep. Maxine Wassers (D-Calif.) the stablecoin legislation for months last year and early this year. They nearly reached a compromise before – he claimed – the Biden Administration throttled the deal.

The next step for these bills is likely to be delayed until 2024. However, they still have a great chance of being approved by the House, making them the first major industry legislation that would do so. McHenry will then need to convince his Senate counterparts, who have shown little interest so far, to support the effort. It’s a long shot, but no one in Congress has been as persistent as McHenry on crypto legislation.