Crypto-friendly US lawmaker Patrick McHenry is not seeking re-election in 2024.

Patrick McHenry, chairman of the US House Financial Services Committee and a proponent of much crypto-focused legislation, is retiring from Congress.

In the year In a December 5 statement, McHenry said he would not seek re-election to the US House of Representatives and would leave Congress in January 2025. At the time of his resignation, he had served as a representative for 20 years. In January 2005

“This is not a decision I come to lightly, but I believe there is a season for everything – for me – this season is over,” McHenry said. “There are many smart and capable members left and more are on the way. I am sure the council is doing well.

During McHenry's tenure as chairman of the House Financial Services Committee, he was one of the few crypto proponents who pushed for bills in Congress to ensure regulatory transparency of digital assets. He also served as interim speaker of the House when Republican members of Congress failed to rally behind a candidate to replace former Speaker Kevin McCarthy.

“Chairman McHenry is an unparalleled leader who has consistently recognized the importance of responsible innovation and fit-for-purpose regulation in the financial sector,” said Sheila Warren, CEO of the Crypto Council for Innovation. “We appreciate McHenry's coalition-building approach, willingness to work on a bipartisan nature, and constructive engagement with industry. He will be greatly missed in Congress.

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Recently, Jake Chervinsky, former policy officer of the Blockchain Association, praised McHenry on X (formerly Twitter) for his “leadership on crypto policy.” Some industry leaders on the social media platform, including Coinbase President Emily Choi, expressed their dismay at the departure of the North Carolina representative.

You've had an incredible run. Thank you for your service to this country.

— Emily Choi ️ (@emiliemc) December 5, 2023

McHenry's announcement comes nearly a year ahead of the 2024 U.S. election, where all 435 House of Representatives seats, as well as 33 Senate seats and the U.S. presidency, will be contested. A few candidates for the US presidency, including Republicans Vivek Ramaswamy and Ron DeSantis, as well as independent Robert F. Kennedy Jr., have made crypto one of their campaign issues.

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