Patrick McHenry, Crypto Advocate, Holds Interim Speakership Amid House Vote Deadlock
Summary:
Amid a vote deadlock for a new Speaker in the U.S. House of Representatives, North Carolina Representative Patrick McHenry, an interim Speaker and crypto advocate, is temporarily the third highest authority in the nation. Despite all Democratic members voting for Minority Leader Hakeem Jeffries and Jim Jordan receiving the majority of the Republican votes, neither reached the required majority. This situation has caused a legislative deadlock, obstructing the progress on proposed crypto bills. While the next steps remain unclear, critics note that Jordan's backing of misinformation about the 2020 presidential elections could influence his chances of gaining the necessary support. In the interim, McHenry has steered the House Financial Services Committee towards approving several crypto-friendly bills.
In the wake of a failed vote for a new Speaker, North Carolina's Representative Patrick McHenry stands as the acting chairman of the U.S. House Financial Services Committee and a known crypto advocate, positioning him temporarily as the third highest authority in the American government. One of his fellow Republicans was unable to garner sufficient votes for the role, leading to a tense standoff in the House of Representatives where none of the candidates achieved the necessary majority in the October 17 vote. Representative Jim Jordan of Ohio, the chosen candidate of the Republican Party, fell short of the 217 votes needed to secure victory, garnering only 200. All 212 Democrats backed Minority Leader Hakeem Jeffries, while the remaining Republican votes were dispersed among Representatives Steve Scalise, Kevin McCarthy, Tom Emmer, Tom Cole, Thomas Massie, and Mike Garcia, as well as ex-New York Representative Lee Zeldin. An individual doesn't have to be a member of Congress to be the Speaker, according to House regulations. Currently, as the interim Speaker since McCarthy was voted out by the Republicans on October 4, McHenry has restricted powers to push legislation forward in the House, with the Speaker vote being the sole exception. For the first time in the nation's history, half of the federal government's legislative body is in a state of stagnation, hindering the progress of crypto-related bills. Cryptocurrency enthusiasts on social media are advocating for McHenry to be the next Speaker, a feat that would necessitate almost complete unity among the House Republicans. The Speaker of the House is the second in the line of presidential succession, following President Joe Biden and Vice President Kamala Harris. Some experts, however, argue that the succession line does not apply to acting Speakers like McHenry. McHenry's future plans regarding a second Speaker vote remain unknown currently. Despite criticism of Jim Jordan for perpetuating false information about the 2020 presidential election results to favor former President Donald Trump, Jordan seems to be the frontrunner with Republican support and a united Democratic front behind Jeffries. In his past role with the House Financial Services Committee, McHenry guided the Committee in approving crypto-friendly bills, 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. These legislations are scheduled to go to the House floor for a comprehensive vote, however, the uncertainty surrounding the Speaker position makes it unlikely to happen anytime soon.
Published At
10/17/2023 9:28:42 PM
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