Congressional Republicans have Gary Gensler in their crosshairs

A man dressed in a dark grey suit and blue tie, holds up his right hand towards an audience of reporters, while he stands behind a podium, speaking into a microphone (Credit: Anna Moneymaker—Getty Images)

Hi, Leo Schwartz here with Wednesday’s Proof of State edition of the newsletter.

Crypto has a new center of gravity in Congress: the House Financial Services Committee. In his new role as chair, crypto advocate Patrick McHenry (R-N.C.) secured the committee’s bona fides by creating a first-of-its-kind subcommittee focused on digital assets.