Former US Congressman and House Financial Services Committee chair, Patrick McHenry, has recently joined three crypto-focused companies since leaving his position in policymaking.

McHenry Joins Ondo Finance

McHenry has been appointed as the vice chair of Ondo Finance’s advisory board. Ondo Finance is an on-chain protocol that utilizes cryptographic technology to enable the trading of real-world assets, such as U.S. Treasuries, on decentralized platforms, including Ethereum. The protocol has nearly $1 billion in tokenized asset deposits, according to recent data.

Private Sector Seeks Pro-Crypto Expertise

The private sector has been actively recruiting former policymakers, like McHenry, in preparation for anticipated regulatory shifts in Washington. This move comes as the U.S. Securities and Exchange Commission (SEC) has changed its approach to crypto lawsuits, and a Senate Banking subcommittee has highlighted stablecoins as a key area for regulation.

Under President Donald Trump’s administration, the SEC has dropped several enforcement actions against companies, including Coinbase. Meanwhile, a Senate subcommittee led by crypto-friendly Senator Cynthia Lummis has pushed for a bipartisan stablecoin bill.

The GENIUS Act, bipartisan legislation, would establish a clear regulatory framework for stablecoins.

McHenry’s Background and Expertise

McHenry spent 20 years in Congress, leading a key committee focused on digital asset legislation. He has been a vocal critic of former SEC chair Gary Gensler and the agency’s aggressive regulatory approach. Despite the challenging policy landscape, McHenry worked with House Democrat Representative Maxine Waters on a stablecoin framework.

McHenry’s Transition to the Private Sector

After officially retiring from Congress in January, McHenry has quickly transitioned to the private sector, joining payment processor Stripe, venture capital firm Andreessen Horowitz, and Ondo Finance. His experience and expertise in digital asset legislation are expected to be valuable assets to these companies as they navigate the evolving regulatory landscape.

As the Trump administration plans to introduce new crypto regulations, companies are positioning themselves for this shift by bringing in policy veterans like McHenry. This move is expected to support the industry and encourage broader participation.

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