Crypto's Influence in Washington Fades as Top Ally Retires and Regulations Loom
-
Bitcoin's price has surged recently, but crypto's influence in Washington is declining with Rep. Patrick McHenry's retirement announcement.
-
McHenry was crypto's biggest champion in Congress as Financial Services Committee chair, but failed to get legislation passed.
-
His retirement could reduce Republican support for crypto bills in 2024 even if they keep the House majority.
-
Crypto tax evasion investigations by the IRS are rising thanks to increased funding from the Inflation Reduction Act.
-
The Biden administration wants to expand oversight and sanctions abilities on crypto after it was used by Hamas, concerning industry advocates.