- Patrick McHenry joins Ondo Finance as vice chairman after two decades in Congress.
- Ondo Finance focuses on tokenizing assets like U.S. Treasuries using blockchain technology.
- McHenry aims to connect Washington leaders with crypto firms to push stablecoin regulations forward.
Former House Financial Services—Patrick McHenry, wasted no time stepping into the private sector. After 20 years in Congress, the former House Financial Services chair has taken a new path. Ondo Finance, a company focused on blockchain-based financial products, has appointed him as vice chairman of the advisory board. This decision follows recent advisory roles at Stripe and Andreessen Horowitz. McHenry, a strong advocate for financial innovation, now helps shape the future of tokenized assets.
Bridging Washington and Crypto
Ondo Finance specializes in tokenization, a process that moves real-world assets onto blockchains. A former Goldman Sachs banker founded the firm to create financial products offering yield. Unlike traditional stablecoins, Ondo’s offerings function more like money market funds. Products like OUSG and USDY provide returns, making them attractive alternatives in digital finance.
McHenry played a major role in financial legislation. As House Financial Services chair, he pushed for stablecoin regulations. A bipartisan bill nearly passed under his leadership but faced political roadblocks. Now, he joins a company directly affected by those policies. He believes blockchain represents a “natural software update” for financial markets.
A High-Stakes Career Shift
Regulatory uncertainty has slowed stablecoin adoption in the U.S. Ondo faces restrictions that prevent offering certain products to domestic investors. McHenry plans to use his connections to help lawmakers understand blockchain’s potential. His presence signals an effort to shape the conversation around digital assets in Washington.
McHenry’s move from Congress to crypto raises questions. Some see this transition as a natural step for a policy expert. Others argue that lawmakers entering industries they once regulated creates ethical concerns. His deep knowledge of financial policy, however, makes him a valuable asset to companies navigating complex regulations.
With positions at Stripe, Andreessen Horowitz, and Ondo, McHenry has entered the financial technology world in full force. Each company focuses on different aspects of digital finance. However, all seek to modernize markets through technology. McHenry believes bipartisan support for stablecoin regulations could still emerge.
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