U.S. Representative and cryptocurrency-friendly lawmaker Patrick McHenry has been named Speaker Pro Tem of the House of Representatives following the ouster of U.S. House Speaker Kevin McCarthy.
McCarthy's impeachment came after a 216-210 vote in Congress, with eight of the 216 votes coming from McCarthy's fellow Republicans, marking the first time a House speaker has been impeached in the United States history. according to Reuters.
The vote was prompted by a motion from one of McCarthy's political rivals, Matt Gaetz, who questioned several conflicting promises made by McCarthy.
Although temporary, McHenry's appointment could be seen as a small victory for the digital asset sector. The Speaker sets the House legislative agenda, controls committee assignments, and schedules specific bills to be debated and voted on in the chamber.
The speaker of the House of Representatives is considered the most influential position in the United States government, behind the president and vice president.
Meanwhile, McHenry is considered one of the greatest challengers to the Securities Exchange Commission regulation-by-enforcement style approach to the cryptocurrency sector.
McHenry too Grilled SEC Chairman Gary Gensler in his testimony before Congress last week, suggesting that he is trying to "suffocate the digital asset ecosystem." McHenry also criticized Gensler for refusing to be transparent with Congress about the SEC's connections to FTX and its former CEO, Sam Bankman-Fried.
SEC Chairman @GaryGensler refuses to schedule a Commission vote to provide Congress with the requested documents.
If Gensler continues to put up obstacles, Republicans will have no choice but to issue my Committee's first subpoena to the SEC to compel his production. https://t.co/Aw5U0aJ0Tt
โPatrick McHenry (@PatrickMcHenry) October 2, 2023
McHenry also published the โDigital Asset Market Structure Proposalโ discussion draft on June 1, which aims to provide clarity, fill regulatory gaps, and Foster innovation in the cryptocurrency space.a document that was praised by some industry leaders.
Related: Rep. Patrick McHenry Blames White House for Lack of Urgency in Stablecoin Bill Negotiations
McHenry's tenure as House Speaker may be short-lived, however, as the official vote on a new House Speaker is scheduled for October 11. according to Bloomberg.
A Reuters report speculate that, along with McHenry, there is a possibility that pro-cryptocurrency representative Tom Emmer or even Donald Trump could be a possible replacement for McCarthy, although neither has publicly expressed interest in taking the position.
50-50 we now have a crypto champion as Speaker, with Whip Emmer and Speaker pro tempore McHenry in the running. Wild day.
(The Speaker of the House is third in power behind the President and Vice President for non-American followers.) https://t.co/2ow5li2lnw
-Ryan Selkis (@twobitidiot) October 3, 2023
Meanwhile, McCarthy already confirmed He will not run again for speaker of the House of Representatives.
Magazine: Opinion: The GOP's crypto maxis are almost as bad as the Democrats' 'anti-crypto army'
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