
Proof of State is the Wednesday edition of Fortune Crypto where Leo Schwartz delivers insider insights on policy and regulation.
Any chances for crypto legislation further narrowed yesterday, with Rep. Patrick McHenry (R-N.C.), the bowtied chair of the House Financial Services Committee, announcing that he would retire at the end of next year. While his impending departure will create more urgency for passing key bills out of the House, it also means that crypto will lose one of its strongest champions when it seems like the two chambers of Congress are stuck in gridlock.