Crypto-advocate Patrick McHenry opts out of 2024 reelection bid
In a significant development for the crypto landscape, Representative Patrick McHenry, the esteemed chair of the United States House Financial Services Committee, renowned for his advocacy of crypto-related legislation, has announced his decision not to seek reelection to the U.S. House of Representatives in 2024. McHenry, having served for two decades since his inauguration in January 2005, will retire from Congress in January 2025.
The announcement has sparked uncertainties regarding the future trajectory of crypto bills within the House Financial Services Committee, given McHenry’s instrumental role as one of the few proponents of regulatory clarity for digital assets in Congress. McHenry, during his tenure as committee chair, actively championed the passage of bills addressing the regulatory landscape for cryptocurrencies and served as interim speaker of the House during a period of Republican disunity.
Reflecting on his decision, McHenry stated, “This is not a decision I come to lightly, but I believe there is a season for everything and — for me — this season has come to an end. There are many smart and capable members who remain, and others are on their way. I’m confident the House is in good hands.”
McHenry’s Departure Leaves Crypto Industry Leaders Grateful, Regretful
Industry leaders and stakeholders have expressed their appreciation for McHenry’s contributions. Sheila Warren, CEO of the Crypto Council for Innovation, acknowledged McHenry as an “unparalleled leader” who consistently recognized the importance of responsible innovation and regulation in the financial sector. Jake Chervinsky, Chief Policy Officer of the Blockchain Association, extended gratitude for McHenry’s “leadership on crypto policy,” while Coinbase President Emilie Choi and other industry figures expressed regret at his impending departure.
McHenry’s decision to step down comes amidst a broader political landscape gearing up for the 2024 election, where all 435 seats in the House of Representatives will be contested, along with 33 Senate positions and the U.S. presidency. Several presidential candidates, including Republicans Vivek Ramaswamy and Ron DeSantis, as well as independent Robert F. Kennedy Jr., have made cryptocurrency a focal point of their campaign agendas.
Amidst these political shifts, the blockchain ecosystem witnesses the introduction of Consensys’ Layer-2 ecosystem, Linea, designed to enhance the scalability and cost-effectiveness of blockchain infrastructure. Recognizing the limitations of layer-1 solutions like Ethereum in handling the growing demand and diverse applications of Web3, Linea leverages zero-knowledge rollup technology to move computation and state off-chain, increasing throughput on the base layer.
Linea Launches Gamified DeFi Voyage
Linea has initiated a six-week gamification experience, the Linea DeFi Voyage, inviting users to participate in quests and gain experience points (XPs) by engaging with key platforms and protocols in the decentralized finance (DeFi) space. Tasks such as “Swap ETH for USDC” or “Perform an OTC swap” earn users XP tokens, which are anticipated to be exchangeable for Linea’s native token in the future.
The Linea ecosystem encompasses various components to provide users with a comprehensive Web3 experience. Velocore, the first decentralized exchange (DEX) within the Linea ecosystem, offers features such as swaps, liquidity pools, and yield farming, with a unique ‘Passport Score’ rewarding user activity. Mendi Finance, Linea’s native lending protocol, facilitates incentivized borrowing and lending, sharing 100% of its profits with stakers.
Fluvi, Linea’s smart wallet, enables gas-free transactions between different blockchain networks, addressing user needs for seamless multichain interactions. Satori Finance, an on-chain derivatives trading platform, caters to both casual and professional traders, offering a user-friendly interface and comprehensive tools for complex trading strategies.
Tomo: Where Web3 Creators Own their Future
Tomo, a SocialFi platform within the Linea ecosystem, empowers content creators in the Web3 space by combining decentralized finance with social media. Creators and fans gain sovereign control over digital data, access transparent content monetization policies, and prevent unilateral censorship through tokenization and on-chain value-generation techniques.
The departure of Representative Patrick McHenry from Congress raises questions about the future of crypto legislation, while the emergence of Consensys’ Linea ecosystem reflects the ongoing evolution of Web3, introducing innovative solutions to enhance scalability, cost-effectiveness, and user experience within the blockchain space.
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