Crypto-Friendly Congressman McHenry Temporarily Takes Over U.S. House

Congressman Patrick McHenry of North Carolina has taken over as the interim leader of the House Financial Services Committee just days after being praised for his outspoken support of cryptocurrencies and the digital asset industry. McHenry assumed the role following the resignation of chairman Maxine Waters earlier this week, making him the most crypto-friendly figure to ever hold the position at the U.S. House. The implications of this appointment are significant and could have a profound impact on the evolution of the crypto industry in America.

1. Rep. McHenry fills Key Congressional Role

Representative Patrick McHenry, the Republican representative for the state of North Carolina, is the longest-serving Chief Deputy Whip in congressional history. For the past ten years, he has been ensuring the successful passage of legislation in the House of Representatives. This position means that McHenry is the main executor of the House Majority Whip’s strategy and assists in making sure that the House of Representatives passes laws with a strong majority.

McHenry also played a vital role in helping to create the 2020 CARES Act. This bill, which had a value of nearly two trillion dollars, was an urgent response to the economic hardships caused by the COVID-19 pandemic. McHenry was involved in negotiating with his colleagues to get the bill through the House of Representatives and pass it on to the Senate.

He also co-sponsored a bill that aimed to help healthcare workers, known as the Heroes for Healthcare Improvement and Patient Protection Act. The purpose of this legislation was to provide additional protections for healthcare workers and increase their pay and benefits without cost to the taxpayer. The bill passed the House of Representatives in July of 2020.

McHenry:

• Longest-serving Chief Deputy Whip in congressional history
• Instrumental in passing the 2020 CARES Act
• Co-sponsored the Heroes for Healthcare Improvement and Patient Protection Act

2. The Emergence of Crypto-Friendly Leadership

The growth and recognition of cryptocurrencies as a capital market have been the result of a new wave of crypto-friendly leadership. As more countries have come to accept digital assets, more politicians and government officials have become outspoken advocates for the technology.

Adoption of blockchain technologies in economics and finance has been voiced by leaders like Masayoshi Son of the SoftBank Group in Japan. Son cites blockchain as a way to make global payments more efficient, and is a cheerleader for the growth of digital assets. France’s president Emmanuel Macron and former Prime Minister Edouard Philippe have publically voiced their support of blockchain and cryptocurrency, stating the technology is necessary for keeping France at the forefront of innovation.

In the United States, voices from both sides of the political aisle are calling for the acceptance of cryptocurrencies and blockchain. Congressman Patrick McHenry, a Republican from North Carolina, has called for clear crypto regulation to attract new innovative businesses to the field. On the other side of the political coin, Senator Mark Warner of Virginia tells Fortune Magazine: “It is imperative that policymakers adhere to a ‘do no harm’ posture as this market continues to develop.”

3. Temporary Disruption of U.S. House Leadership

In the long history of the United States House of Representatives, there have been few times of greater disruption than in the current 116th Congress. Just over a year into the term, two of the most influential leaders in the Democratic majority have stepped down due to their involvement in extramarital affairs. Both of these figures were set to leave strong, lasting impacts on legislative policy, making their unexpected departures significant.

The first to announce their unwillingly stepping down was Congressman Katie Hill, an advocate of progressive policies in California. Though her official title was merely representative, she had the support of many powerful figures, including Speaker Nancy Pelosi, who spoke highly of her. Hill resigned due to admitting to an inappropriate relationship with a senior campaign staffer, a violation of House ethics.

The next high-ranking representative to resign was Austin Scott, a ranking member of the House Agriculture Committee. Although there were no allegations of extramarital affairs in his case, it was revealed that there was a mismanagement of funds within the committee. Scott was the Chairman of that committee, leading to his resignation as well.

In the wake of such disruption, the work of the House must continue. There is no one clear path for how the House will continue to move forward, but due to the roster of highly capable representatives, it is likely that the newcomers to these positions will be able to make an effective impact.

With the temporary elevation of Congressman McHenry, the issue of cryptocurrency support at the federal level has again come back into focus, and Congressman McHenry’s example has already set a path for other federal and state legislators to implement sustainable approaches in their own legislative bodies. This is an issue unlikely to dissipate any time soon, as the growing availability and acceptance of digital currency gives rise to many questions about the regulatory outlook for the technology.