Far-Right House Speaker Mike Johnson Not Expected To Prioritize Crypto Regulation

Newly appointed House Speaker Mike Johnson (R-La.) is known for his Evangelical Christian views.

His stance on cryptocurrency remains largely ambiguous.

What Happened: Johnson, a far-right conservative, steps into the Speaker role during an especially volatile time. The crypto community, which is gearing up for Benzinga's Future of Digital Assets conference on Nov. 14, is eagerly awaiting clarity from regulators on topics like Bitcoin Spot ETFs.

Many crypto enthusiasts had initially rooted for Representative Tom Emmer, a Minnesota Republican who withdrew from the House speaker race just hours after being nominated.

Emmer's short-lived bid ended mere hours after former President Donald Trump advised Republicans not to back him.

See Also: Trump Support Not Slowing Down, 49 Points Ahead Of DeSantis In GOP Poll

The Financial Services Committee, under Vice Chair French Hill, recently hosted a subcommittee gathering titled "Modernizing Financial Services Through Innovation and Competition."

This meeting delved into potential crypto-centric legislations, notably the Financial Services Innovation Act and the Examining Consumer Choice in Digital Payments Act.

With Johnson as the new House Speaker, Congress is poised to present and debate new legislation. While several bills, like the Financial Innovation and Technology for the 21st Century Act and the Keep Your Coins Act, have already been approved by the committee, the immediate challenge lies in passing a new expenditure bill by Nov. 17 to circumvent a potential government closure.

Why It Matters: Johnson's position holds immense significance. It places him second in line for the U.S. presidency and stamps him as a dominant figure within Congress.

On Oct. 25, Johnson received unanimous support from the 220 Republicans in attendance, Cointelegraph reported.

His counterpart, Representative Hakeem Jeffries, secured 209 votes from Democrats.

Before this, Representative Patrick McHenry (R-N.C.) had been the interim speaker since Oct. 3, taking over from ousted former speaker Kevin McCarthy (R-Calif.).

McHenry leads the House Financial Services Committee.

What's Next: Crypto enthusiasts shouldn't expect an update regarding digital asset regulation anytime soon. Johnson is expected to address the topics of Ukraine and Israel aid. As for his response to the recent mass shooting in Lewiston, Maine that left 18 dead, he said “prayer is appropriate."

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