July 16, 2024
Rep. Patrick McHenry, championing cryptocurrencies, steps in temporarily
Latest Cryptocurrency News

After Congress Votes to Remove Kevin McCarthy as House Speaker, Patrick McHenry Steps In Temporarily

United States Representative Patrick McHenry, known for his support of cryptocurrencies, has assumed the role of interim House Speaker following the notable removal of U.S. House Speaker Kevin McCarthy.

McCarthy’s removal occurred after a Congressional vote of 216-210, with eight votes against him coming from his fellow Republicans. This marks the first instance in U.S. history where a House Speaker has been ousted, as reported by Reuters. The motion for this vote was initiated by one of McCarthy’s political rivals, Matt Gaetz, who raised concerns about various contradictory promises made by McCarthy.

While McHenry’s appointment is temporary, it holds significance for the digital asset sector. The House Speaker plays a pivotal role in determining the legislative agenda, committee assignments, and the scheduling of bills for debate and voting within the House of Representatives. The House Speaker is widely regarded as one of the most influential positions in the U.S. government, second only to the president and vice president.

https://twitter.com/twobitidiot/status/1709346243028168962?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1709346243028168962%7Ctwgr%5E33510472f589e16b60b15f02b4fd4c23b8e14438%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Frep-patrick-mchenry-interim-house-speaker-mccarthy-oust

Meanwhile, McHenry has gained prominence as a key figure challenging the Securities Exchange Commission’s regulatory approach to the cryptocurrency sector, characterized by enforcement-based tactics.

McHenry aggressively questioned SEC Chair Gary Gensler during his recent testimony before Congress, accusing him of attempting to stifle the digital asset ecosystem. McHenry also criticized Gensler for lacking transparency regarding the SEC’s associations with FTX and its former CEO, Sam Bankman-Fried. On June 1, McHenry released the ‘Digital Asset Market Structure Proposal’ discussion draft, aimed at providing clarity, addressing regulatory gaps, and fostering innovation in the cryptocurrency space. This proposal received praise from some industry leaders.

However, McHenry’s tenure as House Speaker may be short-lived, as an official vote for a new House Speaker is scheduled for October 11, according to Bloomberg. According to Reuters, there is speculation that Representative Tom Emmer, known for his pro-crypto stance, or even former President Donald Trump, could potentially replace McCarthy. However, none of them have publicly expressed interest in pursuing the position. Meanwhile, McCarthy has confirmed that he will not seek reelection as House Speaker.

Image by freepik

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