Patrick McHenry, former chair of the House Financial Services Committee, has joined three crypto-focused companies since his pivot from policymaking.
The ex-Republican congressman was hired as vice chair of Ondo Finance’s advisory board as the protocol aims to move more real-world assets onto blockchain networks.
Ondo Finance is an on-chain protocol that uses cryptographic technology to enable trading for real-world assets like U.S. Treasuries on decentralized venues such as Ethereum. According to DefiLlama, Ondo has nearly $1 billion in tokenized asset deposits.
Private sector grabs pro-crypto Patrick McHenry
Crypto companies have been bringing in former policymakers as they prepare for regulatory shifts in Washington.
Less than two months into President Donald Trump’s administration, the U.S. Securities and Exchange Commission changed its approach to crypto lawsuits, and a Senate Banking subcommittee highlighted stablecoins as a key area for regulation.
The agency dropped several enforcement actions against companies like Coinbase, while the Senate subcommittee, led by crypto-friendly Cynthia Lummis, pushed for bipartisan stablecoin bill.
So far, the message is clear—Trump’s administration plans to introduce new crypto regulations to support the industry and encourage broader participation. In response, firms have turned to policy veterans to help position themselves for this shift.
McHenry spent 20 years in Congress and led a key committee focused on digital asset legislation. During his tenure, he was a vocal critic of former SEC chair Gary Gensler and the agency’s aggressive regulatory approach.
Despite the challenging policy landscape under the previous administration, McHenry worked with House Democrat Representative Maxine Waters on a stablecoin framework.
His retirement from Congress officially began in January, but he has quickly transitioned to the private sector. So far, McHenry has joined payment processor Stripe, venture capital firm Andreessen Horowitz, and Ondo Finance.
