Crypto-Friendly Rep. McHenry Temporarily Assumes House Speaker Role
Reports suggest that Rep. Patrick T. McHenry, known for his support of cryptocurrencies, is stepping in as the temporary Speaker of the House following the removal of Rep. Kevin McCarthy. McCarthy was ousted after a power struggle with far-right lawmakers, including Rep. Matt Gaetz.
During the conflict, McHenry sided with McCarthy and criticized wasting time on a motion to vacate. As the chair of the House Financial Services Committee, McHenry has been actively involved in advancing legislation to regulate cryptocurrencies, including stablecoins.
In addition, McHenry recently threatened to subpoena SEC Chair Gary Gensler for alleged lack of transparency regarding his interactions with FTX exchange and its former CEO Sam Bankman-Fried.
Another potential candidate for House Speaker is Rep. Tom Emmer, who has shown support for cryptocurrencies and has been critical of the SEC.
What’s Next?
This situation marks the first time in history that the House Speaker position has been vacant. However, there are no specific rules regarding how long the speaker pro tempore can hold power before a new vote is conducted for a permanent speaker.
Updated at 6 p.m. ET to include details on Rep. Emmer
Hot Take: Crypto Advocates Hold Key Positions in House Leadership
The temporary appointment of Rep. Patrick T. McHenry as Speaker of the House brings hope for cryptocurrency enthusiasts as he has been a vocal supporter of digital assets and has actively worked towards regulating the crypto industry through his role as chair of the House Financial Services Committee. With his involvement in advancing legislation related to cryptocurrencies and stablecoins, his appointment may have positive implications for crypto regulation in the future.
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