Pro-cryptocurrency Rep. Patrick McHenry won’t seek re-election

Rep. Patrick McHenry, who has been a staunch supporter of the crypto industry, will retire in January 2025 at the end of his current term. House Financial Services Committee Chairman Patrick McHenry said in a statement on Tuesday: "I will retire from Congress at the end of my current term. This is not a decision I make lightly, but I believe there is a time for everything. , for me, this season is over.” Patrick McHenry led the committee’s push for cryptocurrency legislation over the summer, including a bill that would regulate stablecoins at the federal level and another that would provide a comprehensive approach to cryptocurrency market structure. Both bills would need support in the Senate, which could be difficult next year. Cody Carbone, vice president of policy at the Chamber of Digital Commerce, said: "This is a sad day for the digital asset industry. Chairman McHenry has been a champion of innovation in this industry."