Crypto-Friendly US Senator Patrick McHenry Opts Out of 2024 Run

In the 2024 election, all 435 members in the US House of Representatives will be at risk of seizures, and the fate of cryptocurrency measures in the House Financial Services Department is up in the air.

Source: decrypt.co

Congressman Patrick McHenry of North Carolina, the head of the US House Financial Services Department and an advocate for several laws pertaining to cryptocurrency, is set to retire from the legislature. McHenry said on December 5 that he will not run for reelection to the US House of Commons and that he anticipates leaving the body in January 2025. Upon his resignation, he will be remembered for being a congressman for 20 years, since he took the oath of office in January 2005.

“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. “There are many smart and capable members who remain, and others are on their way. I’m confident the House is in good hands.”

McHenry has been one of the few congressional supporters of cryptocurrencies who advocated for the passage of legislation to create a stable regulatory environment for digital property while serving as head of the House Financial Services Department. When Conservative members of Congress failed to come together in support of just one nominee to succeed outgoing Speaker Kevin McCarthy, he also served as the House's acting speaker in the ensuing months.

According to Sheila Warren, CEO of the Crypto Council for Growth, Chairman McHenry is an extraordinary leader that's continually identified the need for innovative thinking and adequate regulation in the financial services industry. She said: “We noticed McHenry's strategy for forming alliances, his readiness to collaborate with both parties, and his positive interactions with business. The Senate will feel his absence greatly.”

McHenry was hailed on X, previously Twitter, by Jake Chervinsky, the soon-to-be-former head policy analyst of the Blockchain Organization, for his position of authority on crypto law. On the social networking platform, several prominent figures in the business, including Emilie Choi, president of exchange, voiced sadness at the loss of the North Carolina Congresswoman. About a year after the US election of 2024, which would decide the fate of all 435 House of Commons seats, 33 Senate a place to sit and the US Presidency, McHenry made his statement. 

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