Congressman Patrick McHenry, known for his positive views on cryptocurrency, has provisionally taken on the role of US House Speaker following the removal of Kevin McCarthy.
McCarthy’s dismissal as House Speaker on Tuesday by a vote in the House of Representatives was unprecedented, making it the first time a current speaker was successfully voted out.
It’s worth highlighting that McCarthy, a Republican, was recognized for his favorable approach towards cryptocurrency. He has, in the past, shown a keen interest in Bitcoin and has been an advocate for the decentralized nature of digital currencies.
In 2019, prior to the downfall of FTX and other lenders such as Celsius and BlockFi, he praised the capability of blockchain technology to transform the financial industry’s security.
Taking over from McCarthy, Representative Patrick McHenry is poised to become the Speaker Pro Tempore.
McHenry has shown a positive attitude towards cryptocurrencies and has led committees that review digital asset legislation.
In July, he underscored the importance of U.S. innovation and safeguarding consumers as the Hill began its inaugural review of digital asset laws.
Additionally, McHenry has expressed his backing for the Grayscale decision and posed inquiries regarding the timing of Prometheum’s special purpose broker-dealer authorization.
Recently, he emphasized his commitment to progressing stablecoin legislation, with the aim of presenting it to President Biden for ratification.
During the review session of the stablecoin legislation, he conveyed his dissatisfaction with the White House’s reluctance to negotiate, causing the talks to stall.
While the House continues its proceedings, McCarthy’s official successor is still to be decided upon, necessitating the selection of a new speaker.
Gaetz has openly declared his endorsement of House Majority Whip Tom Emmer.
Several Crypto Bills Await a Vote
In July, members of the House Financial Services Committee cast their votes in support of numerous bills centered on cryptocurrency.
Key legislations like 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 received commendable backing and stand out as the significant bills approved by the committee.
These proposed legislations might see a House floor vote during this congressional session.
As per recent updates, the U.S. Senate approved a bipartisan bill on a Saturday evening, merely three hours ahead of the midnight cut-off, averting a potential government shutdown.
The legislation, which was passed with a resounding 88 to 9 vote, allocates funds for the government for the subsequent 45 days, lasting until November 17.
Back then, McCarthy depended on votes from Democrats to secure the bill’s passage, given the resistance from the more conservative members of his own party.
In order to guarantee its passage, the speaker instituted a voting procedure that demanded a two-thirds supermajority, translating to roughly 290 out of the 435 votes in the House.