Crypto Advocate Patrick McHenry Temporarily Appointed as House Speaker Following McCarthy's Ousting
Summary:
Patrick McHenry, a U.S. Representative known for supporting cryptocurrency, has been temporarily appointed as House Speaker following the unprecedented vote-based expulsion of Kevin McCarthy. McHenry is recognized for challenging the SEC's approach to cryptocurrency regulation and has previously criticized its lack of transparency. Despite this unexpected appointment acting as potential boost for the digital asset sector, it might be short-term as an official vote for the position is due to take place on October 11.
Cryptocurrency supporting legislator, Patrick McHenry, has been named temporary House Speaker following the unexpected removal of Kevin McCarthy from the position. The shake-up took place in a congress vote of 216 to 210, with eight Republicans voting against McCarthy, casting the first dismissal of a House Speaker in the nation's history, as reported by Reuters. The motion leading to the vote was pushed by Matt Gaetz, another of McCarthy's political competitors, who brought light to his inconsistent pledges.
This provisional appointment might be perceived as a minor victory for the virtual currency industry, as the Speaker manages the legislative program of the House, sets committees, and dictates when specific bills are to be discussed and voted for. The Speaker of the House ranks third in influence following the President and Vice President in American government.
McHenry is recognized for countering the Securities Exchange Commission's (SEC) method of regulation by enforcement in the cryptocurrency sector. In a recent Congress hearing, McHenry put SEC’s leader, Gary Gensler, under scrutiny, indicating that Gensler is attempting to suppress the digital asset environment. Gensler was also criticized by McHenry for his lack of transparency concerning connections between SEC and FTX, including its past CEO, Sam Bankman-Fried.
A draft discussion titled “Digital Asset Market Structure Proposal” was publicly released by McHenry on June 1. The paper aims to offer clarity, close regulatory absence, and incite progression in the digital currency field, receiving commendations from some industry leaders.
However, McHenry's term as House Speaker might not last long, as a final voting for the position is set to occur on October 11, as announced by Bloomberg. As per a Reuters report, it’s speculated that apart from McHenry, pro-crypto representative Tom Emmer or even Donald Trump could be potential candidates for the speaker's position, though any public interest for the post has not been expressed thus far.
Meanwhile, McCarthy has unequivocally stated he does not intend to run for the Speaker's position again.
Published At
10/4/2023 3:25:41 AM
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