On Tuesday, the House of Representatives voted to remove Kevin McCarthy as speaker of the House.
The historic result is the first time the speaker has been successfully removed by a vote. Rep. Matt Gaetz submitted a motion to resign to remove McCarthy from his position.
McCarthy is a Republican who favours cryptocurrencies; he has already acknowledged his admiration for Bitcoin and his support for cryptocurrencies’ decentralized nature. Before the failure of FTX and other lenders like Celsius and BlockFi, he hailed blockchain’s capacity to transform the financial industry’s security in 2019.
Rep. Patrick McHenry will take over as speaker pro tempore in his stead. Additionally, McHenry has a history of supporting cryptocurrencies and leading committees in charge of issues about digital assets.
Earlier in July, McHenry stated that politicians on the Hill would take a “historic step for American innovation and consumer protection as we undertake the first ever legislative markup of digital asset legislation.”
Along with challenging the timeliness of Prometheum’s special purpose broker-dealer clearance, he has also expressed his support for the Grayscale decision.
Earlier in July, at the makeup session of the stablecoin bill, McHenry stated, “I had hoped to announce an agreement with the ranking member on stablecoins legislation.” “This will not be the case. It was the White House’s unwillingness to compromise that has once again brought that negotiation to a halt.”
The markup was full of drama since it turned into a yelling fight.
McCarthy’s formal replacement is still up in the air since a new speaker of the House must be chosen. Gaetz has openly defended Tom Emmer, the House majority whip.
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