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Chair McHenry’s Retirement: What It Means
Key Insights
- Rep. Patrick McHenry’s decision to retire at the end of 2024 may lead to greater urgency to pass market structure and stablecoin legislation next year.
- Still, crypto legislation will face strong headwinds in the Senate, where many Democrats are more focused on illicit finance concerns than passing Rep. McHenry’s legislation.
- Even if Chair McHenry is unable to shepherd through market structure and stablecoin legislation next year, FIT 21 and the Clarity for Payment Stablecoins Act of 2023 are likely to serve as the foundation for future legislative proposals, given the bipartisan efforts that have already gone into crafting the proposals.
- It is unclear who will replace Chair McHenry as the lead Republican on House Financial Services, but potential frontrunners include: Reps. French Hill, Blaine Luetkemeyer, Bill Huizenga, Andy Barr, Pete Sessions, and Frank Lucas. While some of these members have been more engaged on crypto policy than others, none are expected to be hostile to the industry.
Chair McHenry’s Retirement: What It Means
Background
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.