Patrick Mchenry, former chairman of the House Financial Services Committee, has joined the policy of policy policy at three crypto-oriented companies.
The former Republican Congressman was hired As vice-chairman of the ONDO Finance advisory board if the protocol is intended to move more Real-World assets to blockchain networks.
ONDO Finance is an on-chain protocol that uses cryptographic technology to make trade in real-world assets such as American treasury in decentralized locations such as Ethereum. According to Defillama, ONDO has almost $ 1 billion in tokenized assets deposits.
Private sector grabs Pro-Crypto Patrick Mchenry
Crypto companies have brought in former policy makers while preparing for legal shifts in Washington.
Less than two months after President Donald Trump’s government, the US Securities and Exchange Commission changed its approach to Crypto Rechtszaken and a subcommittee of the Senate Banking emphasized Stablecoins as an important area for regulations.
The agency dropped various enforcement actions against companies such as Coinbase, while the Senate subcommittee, led by crypto-friendly Cynthia Lummis, insisted on two-part Stabilecoin Bill.
Until now, the message is clear – Trump’s administration is planning to introduce new crypto instructions to support the industry and encourage broader participation. In response, companies have turned to policy veterans to help position themselves for this shift.
Mchenry spent 20 years in the congress and led a key committee aimed at legislation on digital assets. During his term of office, he was a vocal critic of former SEC chairman Gary Gender and the aggressive regulatory approach of the agency.
Despite the challenging policy landscape under the previous administration, Mchenry collaborated with Huis Democrat representative Maxine Waters on a Stablecoin framework.
His retirement from the congress officially started in January, but he quickly moved to the private sector. So far, Mchenry has joined the payment processor Stripe, risk capital company Andreessen Horowitz and ONDO Finance.
