Patrick McHenry, former chair of the Home Monetary Providers Committee, has joined three crypto-focused firms since his pivot from policymaking.
The ex-Republican congressman was employed as vice chair of Ondo Finance’s advisory board because the protocol goals to maneuver extra real-world property onto blockchain networks.
Ondo Finance is an on-chain protocol that makes use of cryptographic know-how to allow buying and selling for real-world property like U.S. Treasuries on decentralized venues comparable to Ethereum. In keeping with DefiLlama, Ondo has almost $1 billion in tokenized asset deposits.
Personal sector grabs pro-crypto Patrick McHenry
Crypto firms have been bringing in former policymakers as they put together for regulatory shifts in Washington.
Lower than two months into President Donald Trump’s administration, the U.S. Securities and Trade Fee modified its strategy to crypto lawsuits, and a Senate Banking subcommittee highlighted stablecoins as a key space for regulation.
The company dropped a number of enforcement actions towards firms like Coinbase, whereas the Senate subcommittee, led by crypto-friendly Cynthia Lummis, pushed for bipartisan stablecoin invoice.
To this point, the message is obvious—Trump’s administration plans to introduce new crypto rules to assist the trade and encourage broader participation. In response, companies have turned to coverage veterans to assist place themselves for this shift.
McHenry spent 20 years in Congress and led a key committee centered on digital asset laws. Throughout his tenure, he was a vocal critic of former SEC chair Gary Gensler and the company’s aggressive regulatory strategy.
Regardless of the difficult coverage panorama below the earlier administration, McHenry labored with Home Democrat Consultant Maxine Waters on a stablecoin framework.
His retirement from Congress formally started in January, however he has rapidly transitioned to the non-public sector. To this point, McHenry has joined fee processor Stripe, enterprise capital agency Andreessen Horowitz, and Ondo Finance.
