Pro-Crypto Lawmaker Takes Over as Interim Speaker of the House
After a historic vote in Congress that resulted in the removal of sitting Speaker Kevin McCarthy, Patrick McHenry, a pro-crypto lawmaker, has become the Interim Speaker of the House, making him the third most powerful figure in the U.S. government.
An Influential Position
This marks the first time in U.S. history that a House Speaker has been ousted from office. McHenry’s appointment comes after a 216 to 210 vote in favor of McCarthy’s removal.
Although McHenry’s position is temporary, there is a chance that another crypto-friendly representative, Tom Emmer, could take over if he expresses interest.
As the House Speaker holds significant influence, ranking just below the President and Vice President, this development is a win for supporters of cryptocurrency.
McHenry Challenges SEC Chairman Gary Gensler
In his role as Chairman of the House Financial Services Committee, McHenry recently criticized SEC Chairman Gary Gensler for his lack of transparency regarding dealings with Sam Bankman-Fried.
McHenry is also a vocal opponent of what he calls Gensler’s “regulation-by-enforcement” approach and accuses him of trying to stifle the digital asset ecosystem.
In a tweet, McHenry threatened to subpoena Gensler if the SEC fails to provide requested documents:
“Should Gensler continue to stonewall, Republicans will have no choice but to issue the first subpoena to the SEC from my Committee to compel their production.”
A Shift in Power?
The vote for the next Speaker of the House is scheduled for October 11. If either McHenry or Emmer runs and secures the position, it will elevate crypto-friendly individuals to influential roles within the U.S. government.
Given the Biden administration’s unfavorable stance on cryptocurrency, this could help bring some balance. Looking ahead to the upcoming presidential race, there is potential for a more supportive and fair administration for the innovative crypto industry.
Hot Take: Pro-Crypto Lawmaker Becomes Interim Speaker of the House
Patrick McHenry, a pro-crypto lawmaker, has assumed the role of Interim Speaker of the House following the removal of Kevin McCarthy. This marks a historic moment in U.S. politics, as it is the first time a House Speaker has been ousted from office. As the third most powerful figure in the U.S. government, McHenry’s appointment is significant for supporters of cryptocurrency.
In addition to his new role, McHenry has been vocal in challenging SEC Chairman Gary Gensler’s approach to regulating digital assets. He has threatened to subpoena Gensler if requested documents are not provided by the SEC.
The upcoming vote for the next Speaker of the House could potentially see either McHenry or another pro-crypto representative, Tom Emmer, taking over. This would further strengthen crypto advocates’ positions within the U.S. government and potentially provide a more favorable environment for the industry.
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