The Crypto-Friendly Patrick McHenry Becomes Speaker pro tempore of the House
The recent removal of House Speaker Kevin McCarthy from office has resulted in the appointment of crypto-friendly U.S. Representative Patrick McHenry as Speaker pro tempore of the House of Representatives. McCarthy lost his House seat after a congressional vote, making it the first time in U.S. history that a Speaker of the House has been removed from office. While McHenry’s appointment is temporary, it is considered a small victory for the digital asset sector since the Speaker plays a crucial role in setting the legislative agenda and controlling committee assignments. There are also rumors that Tom Emmer, another pro-crypto advocate, could potentially replace McCarthy, although Emmer has not yet expressed interest.
McHenry’s Stance on Crypto Regulation
Patrick McHenry is known for his opposition to the Securities and Exchange Commission’s (SEC) regulation-by-enforcement approach in the crypto industry. He has specifically criticized Gary Gensler for failing to disclose his ties to FTX and Sam Bankman-Fried.
Hot Take: A Positive Development for Crypto Advocates
The appointment of Patrick McHenry as Speaker pro tempore of the House of Representatives following Kevin McCarthy’s removal is a positive development for crypto advocates. McHenry’s support for the digital asset sector and his opposition to heavy-handed regulatory approaches align with the interests of many in the crypto community. With his temporary position, McHenry can influence the legislative agenda and potentially shape discussions around crypto-related bills in the House. Furthermore, the possibility of Tom Emmer, another pro-crypto advocate, assuming a leadership role in Congress adds to the optimism surrounding future developments in crypto regulation.
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