US House Speaker Kevin McCarthy Faces Ouster, Potentially Paving the Way for Pro-Crypto Leaders
For the first time in its 234-year history, the United States House of Representatives voted to oust its current Speaker, California Republican Kevin McCarthy, in the culmination of a months-long rebellion against the politician instigated by a handful of disgruntled lawmakers from his own party. This unprecedented occurrence now throws the House into paralysis until a majority of congresspeople can agree on a new Speaker. While the vote was openly condemned on Tuesday as disastrous by numerous Republicans, it may also open the door for several pro-crypto politicians who appear well positioned to succeed McCarthy.
As soon as the Speaker position was vacated on Tuesday afternoon, McCarthy, in accordance with House rules, tapped temporary House speaker Patrick McHenry (R-NC) to replace him in the interim. McHenry, a vocal advocate for the crypto industry, has attempted in recent months to leverage his influential position to create a comprehensive framework for regulating crypto. A bill championed by the North Carolina congressman that would establish a clear path for crypto projects and exchanges to operate legally in the United States has been circulating around Washington.
If McHenry leaves his current position as interim Speaker of the House to pursue that role permanentlyโand triumph in that effortโthen the development would undoubtedly constitute the highest position in the United States government ever held by such a vocally pro-crypto politician. The Speaker of the House, in addition to coordinating all matters that come before Congress, is also the second person in line for the presidency after the Vice President.
The Potential Successors: McHenry or Roy?
It’s unclear if McHenry will seek the position though, even given his close personal relationship with McCarthyโwho himself sought the Speakership despite clear obstacles standing in his way. But should McHenry abstain, the role may still be in the grasp of another fiercely pro-crypto congressman: Tom Emmer (R-MN), the current House Majority Whip.
Emmer, the third-highest-ranking Republican in Congress, has for well over a year positioned himself as one of Washingtonโs most outspoken crypto proponents. He has lambasted federal government agencies for taking action against privacy-oriented crypto tools, staunchly defended the crypto industry even after the collapse of FTX, and repeatedly criticized Securities and Exchange Commission (SEC) Chair Gary Gensler for the agencyโs actions against crypto firms. He even went so far as to draft a bill to remove Gensler from his position in June.
Emmer has also notably earned the trust of the hardline ultra-conservative Republican lawmakers who voted to oust McCarthy earlier on Tuesday, potentially clearing a key hurdle faced by any potential candidate for the position.
The Challenges Ahead
Whether McHenry or Emmer will seek the Speakership, or be able to attain it, is yet unknown. Part of the reason so many Republican lawmakers dreaded McCarthyโs removal is because, even with the Republican caucusโ current fracturing and a razor-thin majority, it remains unclear how or when any Speaker candidate will be able to convince more than half of the House to support them. Other representatives reported by The New York Times to be viable candidates for the position include Steve Scalise (R-LA), the current No. 2 House Republican, and Elise Stefanik (R-NY), the Republican caucus’ highest-ranking female member.
Hot Take: Pro-Crypto Leadership in Congress Signals Growing Influence
The potential ousting of Kevin McCarthy as Speaker of the House and the rise of pro-crypto leaders like Patrick McHenry and Tom Emmer highlight the increasing influence of the crypto industry in Congress. With their vocal support for clear regulations and the growth of crypto projects and exchanges, these politicians are shaping the future of crypto policy in the United States. If McHenry or Emmer were to become Speaker, it would mark a significant milestone for crypto advocates, as they would hold one of the highest-ranking positions in the US government. As the crypto industry continues to gain traction and recognition, its proponents are making their presence known at all levels of government.
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