Patrick McHenry, once the distinguished chair of the House Financial Services Committee, has jumped ship from the world of policymaking faster than you can say “blockchain.” Yes, that’s right—this ex-Republican congressman has joined a trifecta of crypto firms, seemingly trading in his political bowtie for the sleek attire of high-tech advisory suits!
Now serving as vice chair of Ondo Finance’s advisory board, McHenry aims to usher real-world assets onto the blockchain like a tech-savvy Moses parting the Red Sea. 🎉
Ondo Finance is not your run-of-the-mill startup; it’s an on-chain protocol harnessing some fancy cryptographic wizardry to facilitate trading for things like U.S. Treasuries on decentralized platforms. DefiLlama reports that Ondo currently boasts nearly $1 billion in tokenized asset deposits. That’s right, folks, billion with a ‘B’. 💰
Private Sector Snatches Up Patrick McHenry
In a curious twist of fate, crypto firms have been on a hiring spree, snatching up former policymakers amidst the impending regulatory rollercoaster in Washington. Remember when President Trump’s administration casually altered the SEC’s approach to crypto lawsuits? Ah yes, those were simpler times…
In less than two months into Trump’s presidency, the U.S. Securities and Exchange Commission (SEC) decided to ease off a bit on the regulatory gas pedal, wisely pulling back on enforcement actions against companies like Coinbase. Meanwhile, a Senate Banking subcommittee—under the aegis of crypto convert Cynthia Lummis—began pushing for a bipartisan stablecoin bill. It’s like watching a slow-motion chase scene in an action movie, but with a lot more confusing terminology.
At today’s Subcommittee on Digital Assets hearing, @SenLummis talked about the importance of the GENIUS Act, bipartisan legislation that would establish a clear regulatory framework for stablecoins.
Watch ⬇️
— U.S. Senate Banking Committee GOP (@BankingGOP) February 27, 2025
So far, the message from D.C. is crystal clear—Trump’s administration seems to be preparing to roll out new crypto regulations with the enthusiasm of a kid unveiling a long-anticipated Christmas gift. This sudden interest has led firms like Ondo to seek the wisdom of policy veterans (like McHenry) to grease the wheels of this unfolding saga.
After spending a staggering two decades in Congress—where he hilariously sparred with former SEC chair Gary Gensler about regulatory overreach—McHenry appears to have smoothly slid into his new role. It’s akin to jumping off a moving train only to land in a nearby limousine!
Despite the regulatory storm brewing in the previous administration, our man McHenry managed to team up with House Democrat Representative Maxine Waters on a stablecoin framework. Talk about bipartisan camaraderie!
Officially leaving Congress in January, McHenry has swiftly transitioned into the private sector. Not one to waste time, he has joined the likes of payment processor Stripe, venture capital hotshots Andreessen Horowitz, and of course, Ondo Finance. Who knew retirement could be so busy? 😏
Read More
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- Broadway Box Office: Idina Menzel in ‘Redwood’ Sees Strong Start
- 😂🚀 Cryptocurrency Shenanigans: Pepe Coin’s Wild Ride & Yeti Ouro’s Rise 🏔️💰
- Rick Owens Gives RIMOWA’s Cabin Roller a Bronze Patina
- New Era and BEAMS Reunite for Spring/Summer 2025 Collection
- EXCLUSIVE: Mrs star Sanya Malhotra recalls seeing Shah Rukh Khan for 1st time and it’s not on Jawan sets; ‘Mujhey ek mahina…’
- Neil Gaiman’s Ex-Wife Amanda Palmer on Sexual Assault and Human Trafficking Claims: “I Deny the Allegations”
- The Rookie’s Jenna Dewan Teases Return After Season 7 Absence, But The Showrunner Spilled Those Beans Already
- MIKE Keeps It Real on ‘Showbiz!’
- Fans Can’t Wait for This Netflix Movie in February
2025-02-28 19:27