Ex-Congressman Patrick McHenry Joins Ondo Finance as Advisor

Patrick McHenry, a former Republican lawmaker from North Carolina, has entered the cryptocurrency industry in the United States through DeFi protocol Ondo Finance. In a significant shift, McHenry has joined Finance, a tokenized real-world asset (RWA) firm.

According to a report, McHenry joined Ondo Finance as the vice chairman of the firm’s advisory board. The ex-congressman’s critical job description is to help forge beneficial relationships in Washington and everywhere else needed.

Ondo Finance is Growing its Regulatory Influence

Ondo Finance offers decentralized investment opportunities in tokenized RWAs. It also deals with U.S. Treasuries, bonds, and other securities. These were launched in 2023, allowing stablecoin holders to invest in bonds and treasuries.

In a significant development, Ondo Finance launched its own Layer-1 network known as Ondo-Chain on February 6. The Layer-1 blockchain would help accelerate the creation of institutional-grade financial markets onchain.

It is unclear if McHenry would also contribute his services to this new venture. However, the former lawmaker has connections that could be relevant.

McHenry’s Crypto and Finance Legacy

Notably, the five-time Republican Rep informed his constituency in December 2023 that he would not seek reelection after January 2025. McHenry served as a lawmaker from 2025 to January 2025, completing five terms or 20 years.

The lawmaker from North Carolina was very crypto-friendly during his time and even introduced a critical bill to the crypto sector. Notably, McHenry introduced legislation to help regulate stablecoins. 

Interestingly, McHenry worked on the bill alongside a Democrat of the House Financial Services Committee, Maxine Waters.

McHenry’s New Job Role

Interestingly, this is not McHenry’s first foray into the financial services industry. After he left Congress, McHenry took up advisory roles with other notable firms. He has an advisory role with Stripe, the payment services firm. According to reports, Stripe generated $1.4 trillion in total volume in the past year.

McHenry also serves as a senior advisor on a16z, the venture capital firm. In a post announcing his new role, the ex-congressman said that Washington has created too many barriers for startups and is out to build bridges.

Ondo Finance is the third engagement McHenry is taking on since leaving lawmaking duties after 20 years.