Congressional Crypto Ally Patrick McHenry Plans to Retire (1)

House Financial Services Chairman Patrick McHenry plans to retire when his term ends in January 2025.

The North Carolina Republican’s departure will be a blow for the crypto industry, which has counted the lawmaker as one its most powerful allies on Capitol Hill. He’s backed legislation that many in the sector have supported and that some of his Democratic counterparts have criticized for not being tough enough.

McHenry, a 48-year-old policy wonk with a deep understanding of financial markets, rose to national attention in October when he temporarily led the House after the ouster of former speaker Kevin McCarthy. ...