Crypto-Friendly Congressman Patrick McHenry Temporarily Assumes Role As US House Speaker

Patrick McHenry (R-N.C.), known for his crypto-friendly stance, has temporarily assumed the role of US House Speaker after Kevin McCarthy was ousted by Congress. This marks the first time in US history that a House Speaker has been removed from office.

What Happened: The removal of Kevin McCarthy from his position as US House Speaker was facilitated by 216 votes, including eight from Republicans, as reported by Reuters.

Replacing him in the interim is McHenry, a lawmaker recognized for his opposition to the Securities Exchange Commission’s (SEC) regulation-by-enforcement approach towards cryptocurrency.

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The role of the House Speaker is crucial as it involves setting the legislative agenda, controlling committee assignments, and scheduling specific bills for debate and voting.

However, McHenry’s tenure might be short-lived as a vote for a new House Speaker is scheduled for October 11, according to Bloomberg. Potential contenders include pro-crypto Representative Tom Emmer and even Donald Trump, though neither has publicly expressed interest. McCarthy, on the other hand, has confirmed that he will not be running for the House Speaker position again.

Why It Matters: McHenry, a vocal critic of the SEC, has recently confronted SEC Chair Gary Gensler about the lack of transparency in the commission’s links with FTX and its former CEO, Sam Bankman-Fried.

Last week, during a session with the U.S. House Financial Oversight Committee, McHenry did not mince words, highlighting SEC Chair Gary Gensler’s reluctance to share details with Congress.

Price Action: At the time of writing, Bitcoin BTC/USD was trading at $27,362.22, down 0.86% in the last 24 hours, according to Benzinga Pro.

Photo by Igor Faun on Shutterstock

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