Today, Mike Johnson secured his position as the United States House of Representatives’ next speaker. This also makes him the second in line to the U.S. presidency.
While 209 Democrats voted for Representative Hakeem Jeffries, all 220 Republicans rallied behind Johnson. The House finally has a clear leader after three weeks of uncertainty.
Johnson’s stance on cryptocurrency remains in mystery unlike other candidates considered for the speaker role. It has left the crypto community in anticipation.
What happened all this while?
Vice Chair French Hill presided over an interest subcommittee while McHenry was temporarily overseeing the House, Financial Services Committee. It held a. hearing on “Modernizing Financial Services Through Innovation and Competition.”
This discussion revolved around crypto-related legislation, including the Financial Services Innovation Act and the Examining Consumer Choice in Digital Payments Act. The House of Representatives can now put forward legislation for voting as Speaker Johnson has swore-in.
Acts like 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 are already out of committee for voting. However, the House may need to pass a new spending bill before November 17 to avert a government shutdown; pushing aside pending crypto bills.
The race for House speaker
Representative Patrick McHenry, known for his support of cryptocurrency, assumed the role of temporary Speaker of the House on October 4, at a time when comprehensive cryptocurrency regulation legislation hangs in the balance.
Many had hoped for Representative Tom Emmer, to take the reins.. His nomination garnered favor among several lawmakers. Emmer was could’ve made a significant impact in the quest for crypto clarity in the United States.
However, former U.S. President Donald Trump advised hardline Republicans not to support Emmer’s campaign. His campaign crumbled right after his statement.
While Emmer remains a hopeful figure in the quest for regulation the crypto community anxiously awaits the stance Speaker Johnson will adopt. We all hope that it accommodates digital assets and innovation.