Mike Johnson Named New U.S. House Speaker; Cryptocurrency Stance Yet Unclear
Summary:
The U.S. House of Representatives has elected Mike Johnson as the next House Speaker, a significant role in Congress. The election took place on October 25, after several weeks of uncertain leadership. Johnson's stance on cryptocurrency remains unknown, sparking interest in the crypto-community. French Hill, vice chair of the Financial Services Committee, led discussions on crypto-related legislation in the meantime, underlining the importance of such innovations. The House, now with a clear leader, can resume voting on legislation, including potential laws related to cryptocurrency.
The U.S. House of Representatives recently voted Mike Johnson into the position of House Speaker, a crucial role which places him as the immediate successor to the presidency and a dominant figure within Congress. The vote, conducted on October 25, saw 220 Republicans endorsing Johnson, while 209 Democrats sided with Representative Hakeem Jeffries. This pivotal vote came three weeks after the congressional leadership was left unclear, as Representative Patrick McHenry had temporarily taken over duties, due to a vote which ousted former Speaker, Kevin McCarthy on October 3.
Interestingly, Johnson's stance on cryptocurrencies remains speculative, due to a lack of any public statements on the issue. The crypto-community had earlier pinned hopes on Representative Tom Emmer, a seemingly supportive candidate for digital assets in Congress. Yet, his campaign faltered in its initial hours following cautionary remarks by ex-President Donald Trump, discouraging his far-right Republican followers from providing support.
The crypto-reporting platform, @coinbase, labelled Johnson's sentiment towards cryptocurrencies as "unclear" owing to his silence on the issue.
Meanwhile, during the suspense before Johnson's appointment as Speaker, French Hill, the vice chair of the Financial Services Committee, helmed a subcommittee hearing on advancing financial services through innovation and competition. Topics such as crypto-legislation, including the Financial Services Innovation Act and the Examining Consumer Choice in Digital Payments Act, were discussed.
With Johnson officially assuming his role, the House is now capable of placing legislation on the floor for voting once more. Previously, a number of legislations made it out of committee, including 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.
However, the immediate concern for the House might be to address a potential government shutdown by passing a new spending bill before the November 17 deadline.
Published At
10/25/2023 8:16:15 PM
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