Crypto-Friendly Congressman Patrick McHenry Temporarily Assumes Role of US House Speaker
Patrick McHenry, a congressman known for his support of cryptocurrencies, has temporarily taken over as the US House Speaker after Kevin McCarthy was ousted by Congress. McCarthy’s removal marked the first successful ousting of a sitting speaker in history. As a Republican, McCarthy had expressed his affinity for Bitcoin and the decentralization aspect of cryptocurrencies. In contrast, McHenry has also demonstrated a crypto-friendly stance and has chaired committees overseeing digital asset bills.
Several Crypto Bills Await a Vote
In July, the House Financial Services Committee approved several crypto-focused bills, including the Financial Innovation and Technology for the 21st Century Act (FIT), the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Keep Your Coins Act. These bills may potentially be brought to a House floor vote during the current session of Congress.
Hot Take: McHenry’s Rise Reflects Growing Crypto Influence in US Politics
The temporary assumption of the role of US House Speaker by crypto-friendly congressman Patrick McHenry highlights the increasing influence of cryptocurrencies in US politics. With Kevin McCarthy’s ousting, McHenry steps into a position that allows him to further advocate for digital assets and blockchain technology. His support for various crypto-focused bills and his determination to advance stablecoin regulation demonstrate his commitment to fostering innovation and consumer protection within the industry. As cryptocurrencies continue to gain prominence, it is clear that lawmakers like McHenry are recognizing their potential and taking steps to shape legislation that supports their growth.
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