Republican Rep. Blaine Luetkemeyer announced his retirement on Thursday, potentially clearing the way for him to chair the cryptocurrency-friendly House Financial Services Committee following the departure of Chairman Patrick McHenry in early 2025.
The House Financial Services Committee, led by McHenry, has introduced legislation aimed at regulating stablecoins and taking a comprehensive approach to cryptocurrency market structure. Luetkemeyer, a member of that committee, previously said he planned to run for McHenry’s chairmanship.
When Luetkemeyer leaves at the end of 2024, Rep. French Hill, R-Ark., will be eligible to assume the chairmanship. Hill leads a panel focused on digital assets for the Commission. worked This is about cryptocurrency legislation regarding stablecoins, etc.
Hill has a really good record of working with members across the aisle, Ron said. Hammond, Director of Government Relations at the Blockchain Association.
“If Hill becomes Chairman, cryptocurrencies will remain a top issue within the committee, similar to how McHenry prioritized cryptocurrencies during his time as Chairman,” Hammond said.
Luetkemeyer was not an opponent of cryptocurrencies, but added that if he were to become chairman, cryptocurrencies would not be a high priority for him compared to Hill or McHenry.
best competitor
Hill is considered a top contender for the position of House Financial Services Chairman. Behind Hill, Reps. Bill Huizenga (R-Mich.) and Andy Barr (R-Ky.) could also have a chance if Republicans retain control of the House after the election season later this year, Hammond said.
The cryptocurrency bill still needs to be submitted to the Senate Banking Committee, which could be a difficult task.
“Even in lobbying circles, most people had no idea this was going to happen,” Hammond said of Luetkemeyer’s retirement.
Rutkemeyer said in a statement Thursday that after discussions with his family, he has decided not to run for re-election.
“As I complete my final term in the coming months, I look forward to continuing to work with all of my constituents on a number of issues and to addressing the many difficult and serious issues facing our great country,” Luetkemeyer said. “There’s still a lot of work to do.”
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