Hickory Sun

Rep. Patrick McHenry has expressed optimism about the future of digital assets in the United States, following the appointment of a "czar" for cryptocurrency and artificial intelligence (AI). He said that this move indicates an end to "regulation by enforcement." McHenry made these remarks in a December 6 post on X.

"The mere fact that the U.S. now has a crypto and AI “czar” reflects the impact of U.S. House Financial Services Committee," said Rep. Patrick T. McHenry, Chairman of the U.S. House Financial Services Committee. "The era of regulation by enforcement is over. With folks like David Sacks and Paul Atkins, the future of the digital asset ecosystem in the U.S. is brighter than ever."

Former President Donald Trump announced on Truth Social that David O. Sacks would assume the role of "White House A.I. & Crypto Czar." Sacks will be tasked with shaping U.S. policy on AI and cryptocurrency, aiming to establish the country as a global leader in these areas while addressing concerns related to Big Tech bias and safeguarding free speech online. Trump emphasized, "David will focus on making America the clear global leader in both areas. He will safeguard free speech online and steer us away from Big Tech bias and censorship."

Rep. McHenry's x post | X

According to information from the Financial Services Committee's About webpage, the House Financial Services Committee is responsible for overseeing economic issues such as banking, housing, insurance, and securities. It also manages monetary policy, international finance, and efforts to combat terrorist financing. The committee monitors several key agencies including the Securities and Exchange Commission (SEC), Federal Deposit Insurance Corporation (FDIC), Department of Housing and Urban Development (HUD), and the Export-Import Bank.

McHenry represents North Carolina's 10th Congressional District, which includes parts of nine counties within the state. Now serving his tenth term, he holds the position of Chairman of the House Financial Services Committee in the 118th Congress. His work focuses on advocating for solutions to improve banking services and credit accessibility. Previously, McHenry served as Republican Leader and Vice Chairman of the committee.