McHenry was formally designated as the next head of the House Financial Services Committee

Patrick McHenry, a Republican from North Carolina, has been selected as the next chairman of the House Financial Services Committee.

It was predicted that McHenry, who now holds the top Republican slot on the committee, would become the next chair if Republicans secured a majority in the House of Representatives following the midterm elections, and the House Republican Steering Committee, which chooses committee leadership positions, made it official for McHenry.

“McHenry said in a statement, We will concentrate our efforts on performing proper and robust oversight of the Biden administration and on pursuing bipartisan legislation to bring Americans back in control of their personal financial data, to expand options for capital creation, and to create a complete regulatory framework for the digital asset ecosystem.”

The North Carolina Republican has been particularly involved in financial technology policy, helping to draught the JOBS Act, an early crowdfunding law. Recently, he has taken the lead in discussions to establish a complete framework for stablecoins.

McHenry has previously served in the House leadership as chief deputy whip, but he chose not to seek for a leadership position in order to continue serving as chairman of the committee when the new Congress agrees in early January.

Also Read: Judge rejects Kim Kardashian and Floyd Mayweather Jr.’s crypto lawsuit