North Carolina Representative Patrick McHenry, a strong advocate for cryptocurrencies, is currently serving as the interim Speaker of the United States House of Representatives. This position was temporarily assigned to him after his Republican colleague, Kevin McCarthy, was ousted on October 4th. However, McHenry’s authority is limited to the Speaker vote and he cannot move legislation forward in the House. This has caused a delay in the progress of crypto-related bills. A recent vote for the Speaker position did not result in a majority winner, with Ohio Representative Jim Jordan falling short of the required votes. All 212 Democratic members voted for Minority Leader Hakeem Jeffries, while Republican lawmakers cast their votes for various candidates including Steve Scalise, Kevin McCarthy, and Tom Emmer. Some pro-crypto users on social media are calling for McHenry to become the next Speaker, but this would require significant support from Republicans in the House. The Speaker of the House is second in line for the presidency, after the President and Vice President. However, experts have suggested that this line of succession may not apply to an interim Speaker like McHenry. It remains unclear when a second vote for the Speaker will take place. Jordan, despite facing criticism for spreading falsehoods about the 2020 presidential election, remains the leading candidate with the support of the Republican majority. McHenry has played a key role in advancing crypto legislation as the chair of the House Financial Services Committee. Several bills, including the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act, have been approved by the committee and are expected to go to a full vote. However, the current situation with the Speaker has created uncertainty about the timeline for these bills.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Hakeem Jeffries, Steve Scalise, Kevin McCarthy, Patrick McHenry, Jim Jordan |
| Companies | Democratic members of the House, U.S. House of Representatives, United States House Financial Services Committee, House rules, Republican Party |
| Currencies | Bitcoin |
| Securities | None |
