Crypto-friendly Patrick McHenry takes interim House Speaker position

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United States Consultant and crypto-friendly lawmaker Patrick McHenry has been appointed as interim Home Speaker after the high-profile ousting of U.S. Home speaker Kevin McCarthy.

McCarthy’s ousting got here after a 216-210 vote by Congress, with eight of the 216 votes coming from McCarthy’s fellow Republicans, marking the primary time a Home Speaker has been eliminated in U.S. historical past, according to Reuters.

The vote was prompted by a movement from one in every of McCarthy’s political rivals, Matt Gaetz, who referred to as into query a number of contradictory guarantees made by McCarthy.

Although momentary, McHenry’s appointment might be seen as a small win for the digital asset sector. The Speaker units the Home’s legislative agenda, controls committee assignments, and schedules particular payments to be debated and voted upon within the chamber.

Home Speaker is taken into account probably the most influential place within the U.S. authorities behind the President and Vice President.

In the meantime, McHenry is considered one of many largest challengers to the Securities Exchange Commission’s regulation by enforcement-style method to the cryptocurrency sector.

McHenry also grilled SEC Chair Gary Gensler in his testimony earlier than Congress final week, suggesting he’s making an attempt to “choke off the digital asset ecosystem.” McHenry additionally referred to as Gensler out for refusing to be clear with Congress in regards to the SEC’s connections with FTX and its former CEO, Sam Bankman-Fried.

McHenry additionally launched the dialogue draft “Digital Asset Market Construction Proposal” on June 1, which purports to supply readability, fill regulatory gaps, and foster innovation in the cryptocurrency space, a paper that was praised by some industry leaders.

Associated: Rep. Patrick McHenry blames White House for lack of urgency on stablecoin bill negotiations

Nonetheless, McHenry’s tenure as Home Speaker could also be short-lived, with an official vote on a brand new Home Speaker set for Oct. 11, according to Bloomberg.

A Reuters report speculates that together with McHenry, there’s a chance that pro-crypto Consultant Tom Emmer and even Donald Trump might be a attainable alternative for McCarthy, although none have publicly expressed curiosity in taking the place.

In the meantime, McCarthy has already confirmed he received’t run for Home Speaker once more.

Journal: Opinion: GOP crypto maxis almost as bad as Dems’ ‘anti-crypto army’