Mike Johnson Elected as Speaker of the House
The United States House of Representatives has elected Mike Johnson as its next speaker, making him the second in line to the U.S. presidency and a powerful figure in Congress. In a recent vote, all 220 Republicans present voted for Johnson, while 209 Democrats cast their ballots for Representative Hakeem Jeffries. This vote brought clarity to the leadership of the House, which had been without a defined speaker for over three weeks.
Unknown Stance on Crypto
Representative Johnson’s views on cryptocurrency were largely unknown at the time of his election. Many in the crypto space were hopeful that Representative Tom Emmer, a vocal advocate for digital assets in Congress, would become the speaker. However, Emmer’s campaign was short-lived due to former President Donald Trump urging far-right Republicans not to support him. According to Coinbase, Johnson’s sentiment towards crypto is “unclear” since he has not made any statements about it yet.
According to Coinbase, the new candidate for Speaker of the House @RepMikeJohnson’s sentiment towards crypto is “Unclear” because he hasn’t yet made any statements about it.
Legislative Agenda
With Johnson now serving as speaker, the House can resume bringing legislation to the floor for votes. Several bills related to cryptocurrency have already been passed out of committee, including the Financial Innovation and Technology for the 21st Century Act, Blockchain Regulatory Certainty Act, Clarity for Payment Stablecoins Act, and Keep Your Coins Act. However, before November 17, the House may need to address a potential government shutdown by passing a new spending bill.
Hot Take: Implications for Crypto
The election of Mike Johnson as speaker of the House raises uncertainty about the future of crypto-related legislation. With his unclear stance on cryptocurrency, the industry will be closely watching to see how he approaches the subject. It remains to be seen whether Johnson will prioritize the advancement of digital assets and blockchain technology or if his focus will lie elsewhere. As the crypto community waits for Johnson’s first statements on the matter, it is crucial for industry leaders to engage with him and advocate for favorable policies that support innovation and growth in the space.
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