Leadership Void in US Congress Hinders Progress on Crypto Legislation
Summary:
The U.S. Congress has been unable to pass any legislation since October 3 following the removal of the Speaker of the House, Kevin McCarthy. This has left the Congress without elected leadership for the first time in U.S. history. The situation is causing delays in cryptocurrency-related legislation approved by the Financial Services Committee. Several candidates are in contention for the Speaker position, including those with a pro-crypto stance. Despite the legislative standstill, anti-crypto policies are being pushed by certain lawmakers.
Since October 3, no legislation, cryptocurrency-related or not, has been able to be passed by the US Congress. This happened following the vote to remove the then-Speaker of the House, Kevin McCarthy, making the Congress leaderless for the first time in America's history. The succession to this role remains uncertain.
Presently, numerous individuals are vying for the third most influential position in the American government. However, it's uncertain if anyone has enough support from Republican congress members, the party with the majority in the House. Following McCarthy, Rep. Steve Scalise was favored by Republicans in a private session. Nevertheless, he eventually backed out of contention, clearing the way for Rep. Jim Jordan to enter the race. After undergoing three rounds of voting and losing the Republicans' support each time, Jordan was eventually voted out as the party's nominee. This leaves the Speaker position open for any candidate, regardless of party affiliation, with no clear succession plan in sight. In the three voting rounds, all Democrats unanimously supported Rep. Hakeem Jeffries, the House minority leader.
The chair of the House Financial Services Committee and temporary Speaker after McCarthy, Patrick McHenry, might become a permanent replacement. If McHenry continues as temporary Speaker, Rep. French Hill may take over the helm of the Financial Services Committee, which oversees digital asset legislation. Meanwhile, another crypto-friendly lawmaker, Tom Emmer, announced his intention to run for the Speaker's role on October 20, rallying support amongst his Republican peers.
Ron Hammond, director of government relations at the Blockchain Association, speculated that if Republicans can't agree on a clear nominee, McHenry may continue as temporary Speaker. Rep. Byron Donalds, a crypto-supporting legislator, and Rep. Pete Sessions, a cryptocurrency advocate, are also competing for the role.
Despite the Speaker's position being vacant, it's caused an impasse on cryptocurrency bills passed by the Financial Services Committee. This includes laws, such as the Financial Innovation and Technology for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Keep Your Coins Act, all of which are currently pending approval. While the Congress is in legislative limbo, some lawmakers have continued to promote anti-cryptocurrency policies. Over 100 members from both the House and Senate requested the White House to address cryptocurrency's role in funding terrorism, following a terrorist attack by Hamas on Israel.
Published At
10/23/2023 5:10:00 PM
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