Digital Assets Take Center Stage in Congressional Deliberations Coinciding with New House Speaker Appointment
Members of the United States House of Representatives have elected Mike Johnson as the new Speaker of the House, a position of high influence and second in line to the U.S. presidency.
On October 25, all 220 Republican representatives in the House voted in favor of Johnson, while 209 Democratic representatives supported Representative Hakeem Jeffries. This vote marked the first clear leadership decision by the House in over three weeks. Temporary Speaker Representative Patrick McHenry had held the position since October 3, following the removal of former Speaker Kevin McCarthy.
Johnson, who previously chaired a subcommittee within the Judiciary Committee, has no prior public stance on cryptocurrency-related issues. He gained support from mainstream Republicans and ultra-conservative members favored by former President Donald Trump, following a period of party frustration due to the struggle in finding a viable candidate who could secure sufficient votes.
Many individuals in the crypto community had hoped that Representative Tom Emmer, a staunch advocate for digital assets in Congress, would secure the position. However, Emmer’s campaign was abruptly terminated within hours of a statement from former U.S. President Donald Trump, who urged conservative Republicans not to endorse him.
We did an article on Emmer potentially grabbing the role here just last week.
Johnson’s recent notable actions include voting against the temporary budget extension that averted a government shutdown in September and crafting a legal brief in support of Texas’s attempt to challenge the 2020 presidential election results.
With Johnson assuming the role of Speaker, it allows Rep. Patrick McHenry (R-N.C.) to return to his leadership of the House Financial Services Committee, where he can dedicate more attention to the two cryptocurrency bills that have not yet received floor votes.
Previously, legislators successfully advanced bills through committees, 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. Nevertheless, the House may have to prioritize the passing of a new spending bill before November 17 to prevent a potential government shutdown.
