US House Financial Services Committee Chair Patrick McHenry Temporarily Holds Powerful Role Amid Speaker Vote
Patrick McHenry, a crypto advocate and the United States House Financial Services Committee chair, is currently in a temporary position of power due to a failed vote for Speaker. On October 17, no candidate secured the majority of votes required to become Speaker, leaving McHenry as the interim Speaker. However, he lacks the authority to advance legislation in the House, except for the Speaker vote. This unprecedented situation has resulted in a legislative paralysis that prevents progress on crypto-related bills.
Pro-Crypto Users Urge Lawmakers to Make McHenry the Next Speaker
Many crypto supporters on social media have called for McHenry to be appointed as the next Speaker. However, this outcome would require most Republicans in the House to rally behind a single candidate. The Speaker of the House holds a prominent position in the presidential line of succession, following the President and Vice President. Nevertheless, experts argue that this line of succession may not apply to an interim Speaker like McHenry.
Uncertainty Surrounds Second Vote and Leading Candidate
The timing of McHenry’s call for a second vote remains unclear at present. The leading candidate for Speaker is Ohio Representative Jim Jordan, despite facing criticism for promoting falsehoods about the 2020 presidential election. Jordan has garnered support from Republicans in the House, while Democrats are united behind Minority Leader Hakeem Jeffries.
Impact on Crypto Legislation
During his tenure as Chair of the House Financial Services Committee, McHenry played a key role in advancing several crypto-related bills. These include acts such as 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, with the current Speaker situation, the chances of these bills progressing to a full vote on the House floor are unlikely in the near future.
Hot Take: Crypto Progress Hampered by Speaker Vote Stalemate
The ongoing stalemate in the Speaker vote has created significant obstacles for the advancement of crypto legislation. With McHenry serving as interim Speaker, the House is unable to move forward on important bills that could shape the regulatory landscape for cryptocurrencies and blockchain technology. The pro-crypto community’s calls for McHenry’s appointment highlight their desire for a leader who understands and supports digital assets. However, it remains to be seen whether Republicans will unite behind McHenry or if another candidate will emerge as the consensus choice for Speaker.
By
By
By
By
By