The price of bitcoin has been on a tear in recent weeks, but for crypto-industry boosters in Washington, the price gains are cold comfort, as their influence in the nation’s capitol appears to be waning. The latest blow to the cause was the announcement Tuesday by Republican Rep. Patrick McHenry of North Carolina that he would not seek re-election in 2024.
As chair of the House Financial Services Committee, McHenry was crypto’s fiercest champion on the Hill and fought to get an industry-backed regulatory-reform bill through the committee — only to see it run aground in a Democrat-controlled Senate. The industry is lamenting McHenry’s decision, with Kristin Smith, CEO of the industry group Blockchain Association, telling MarketWatch that “we’re sad to see such an industry champion leave the House.” She added that the group is “pleased to be able to work closely with [McHenry] for another 13 months.” Read more: House financial panel chief McHenry won’t seek re-election, as Democrats could win control of chamber next year Ian Katz, an analyst at Capital Alpha Partners, warned investors in a Wednesday note to clients that even if Republicans hold the House after next year’s elections, an incoming GOP committee chair may see crypto as “a lower priority” even if they agree with McHenry on the merits. “Even if the bills were to pass the House next year, the Democrat-controlled Senate would remain a major obstacle,” Katz said, noting that recent reports of crypto being used as a tool by Hamas have only dampened Democrats’ appetite to move crypto legislation. One industry insider lamented in an interview with MarketWatch that McHenry’s retirement announce …
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As chair of the House Financial Services Committee, McHenry was crypto’s fiercest champion on the Hill and fought to get an industry-backed regulatory-reform bill through the committee — only to see it run aground in a Democrat-controlled Senate. The industry is lamenting McHenry’s decision, with Kristin Smith, CEO of the industry group Blockchain Association, telling MarketWatch that “we’re sad to see such an industry champion leave the House.” She added that the group is “pleased to be able to work closely with [McHenry] for another 13 months.” Read more: House financial panel chief McHenry won’t seek re-election, as Democrats could win control of chamber next year Ian Katz, an analyst at Capital Alpha Partners, warned investors in a Wednesday note to clients that even if Republicans hold the House after next year’s elections, an incoming GOP committee chair may see crypto as “a lower priority” even if they agree with McHenry on the merits. “Even if the bills were to pass the House next year, the Democrat-controlled Senate would remain a major obstacle,” Katz said, noting that recent reports of crypto being used as a tool by Hamas have only dampened Democrats’ appetite to move crypto legislation. One industry insider lamented in an interview with MarketWatch that McHenry’s retirement announce …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]