US Representative and cryptocurrency-friendly lawmaker Patrick McHenry has been named interim Speaker of the House of Representatives following the high-profile ouster of US House Speaker Kevin McCarthy.
McCarthy’s ouster came after Congress voted 216 to 210, with eight of the 216 votes coming from McCarthy’s fellow Republicans, marking the first time a Speaker of the House had been impeached in US history. According to To Reuters.
The vote was prompted by a suggestion from one of McCarthy’s political rivals, Matt Gaetz, who questioned many of McCarthy’s contradictory promises.
Although McHenry’s appointment is temporary, it can be considered a small win for the digital asset sector. The Speaker sets the House’s legislative agenda, controls committee assignments, and sets the dates for specific bills to be debated and voted on in the House.
The Speaker of the House of Representatives is considered the most powerful position in the American government after the President and Vice President.
Meanwhile, McHenry is one of the biggest contenders for SEC regulation through enforcement in the cryptocurrency sector.
McHenry also questioned SEC Chairman Gary Gensler in his testimony before Congress last week, suggesting that he is trying to “stifle the digital asset ecosystem.” McHenry also called Gensler out for refusing to be transparent with Congress about the SEC’s communications with FTX and its former CEO Sam Bankman-Fried.
Chairman of the Supreme Education Council @Gary Gensler He refuses to schedule a committee vote to provide Congress with the required documents.
If Gensler continues to stonewall, Republicans will have no choice but to issue the first subpoena to the SEC from my committee to force production. https://t.co/Aw5U0aJ0Tt
– Patrick McHenry (@PatrickMcHenry) October 2, 2023
McHenry also released a discussion draft of the “Digital Asset Market Structure Proposal” on June 1, which aims to provide clarity, fill regulatory gaps and foster innovation in the cryptocurrency space, a paper praised by some industry leaders.
Related: Rep. Patrick McHenry blames the White House for a lack of urgency in the stablecoin bill negotiations
However, McHenry’s term as Speaker of the House may be short-lived, as a formal vote on a new Speaker of the House is scheduled for October 11. According to To Bloomberg.
Reuters report He speculates Besides McHenry, there is a possibility that pro-crypto actor Tom Emmer or even Donald Trump could be a potential replacement for McCarthy, although none of them have publicly expressed interest in taking on the position.
At 50-50, we’ve got the crypto champion as speaker now, with Whip Emmer and Speaker pro tempore McHenry in the running. Wild day.
(The Speaker of the House is third in power behind the President and Vice President for the non-American followers there.) https://t.co/2ow5li2lnw
– Ryan Selkis (@twobitidiot) October 3, 2023
Meanwhile, McCarthy has already done so Certain He will not run for Speaker of the House again.
magazine: Opinion: GOP’s Crypto Cap Is Almost as Bad as the ‘Anti-Crypto Army’ Created by Democrats