Key Notes
- McHenry will help communicate Ondo's concerns to Washington policymakers while maintaining his commitment to innovation and economic growth.
- The former congressman championed digital asset regulation and opposed SEC Chair Gary Gensler's crypto stance during his two decades in Congress.
- His expertise will influence discussions on stablecoins and market structure.
Patrick McHenry, a longtime advocate for cryptocurrency and former chairman of the House Financial Services Committee, has taken on a new role in the private sector. He has been appointed Vice Chairman of the Advisory Board at Ondo Finance, a blockchain-focused company specializing in asset tokenization, particularly bringing traditional assets like US Treasuries on-chain.
As of today, McHenry will contribute to the committee’s efforts to guide Ondo Finance on key policy issues. According to an exclusive report by Fortune, his responsibilities will include ensuring that Ondo’s concerns are effectively communicated to policymakers in Washington while fostering valuable industry relationships.
His role is expected to influence legislative discussions around stablecoins and market structure, areas he actively championed during his time in Congress.
A Crypto-Friendly Lawmaker Enters the Private Sector
During his two decades in Congress, McHenry played a critical role in shaping digital asset regulation as chair of the House Financial Services Committee. He was a vocal opponent of former SEC Chair Gary Gensler’s regulatory stance on crypto and actively worked toward a stablecoin framework alongside Democratic Representative Maxine Waters.
McHenry officially stepped down from Congress in January but has swiftly transitioned into the private sector. He has since taken on roles at payment giant Stripe, venture capital firm Andreessen Horowitz, and now Ondo Finance.
“I am in the private sector now […] Their agendas are broadly aligned with economic growth and economic opportunity, which is where I spent my time,” McHenry said.
Former Lawmakers Turn to Crypto and Blockchain
Meanwhile, McHenry is not the only former member of Congress stepping into the crypto and blockchain industry. In January, Coinbase enlisted high-profile figures to help navigate regulatory challenges: former Sen. Kyrsten Sinema and Chris LaCivita, the 2024 co-campaign manager for Donald Trump.
At the time, Coinspeaker reported that neither Sinema nor LaCivita would be engaging in lobbying efforts. Instead, they are expected to leverage their deep understanding of legislative processes and political networks to support the crypto industry’s expansion.
Joining them at Coinbase are other prominent figures, including former Federal Reserve Bank of New York President Bill Dudley and ex-Inter-American Development Bank President Luis Alberto Moreno.
The company’s advisory team already includes former Sen. Pat Toomey (R-Pa.), former Rep. Stephanie Murphy (D-Fla.), and several other political veterans from both parties.
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