A critical development took place in the USA. At a pivotal moment for the cryptocurrency industry, Rep. Patrick McHenry, a known supporter of cryptoassets, has taken on the role of interim Speaker of the House as legislative efforts to create comprehensive cryptoasset regulations reach a critical point. Here are the details…
Crypto enthusiast McHenry became head of the US House
McHenry has stepped into the leadership void as House Republicans search for a permanent replacement for recently ousted former House Speaker Kevin McCarthy (R-Calif.). McHenry, chairman of the House Financial Services Committee, has been actively involved in drafting several cryptocurrency-related bills over the past year. His temporary appointment as Speaker of the Parliament could significantly support the advancement of these bills through the legislative process. Moreover, as Kriptokoin.com reported, McHenry made SEC Chairman Gary Gensler, who put the cryptocurrency field in trouble, sweat during his testimony in front of Congress.
Notable bills championed by McHenry include a bill that aims to create a regulatory framework for stablecoins and another that aims to create far-reaching rules for crypto markets. Both bills successfully passed McHenry’s committee and are set to go to a vote next month. However, it should be noted that Parliament’s approval is only half of the equation. Because the ultimate fate of these bills depends on the Senate’s willingness to approve them.
The process for the election of the President of the Permanent Assembly will begin
Meanwhile, the Republican caucus in the House of Representatives is currently going through the difficult process of electing a permanent Speaker of the House, a task that in Kevin McCarthy’s case required 15 rounds of votes. In particular, Rep. Tom Emmer (R-Minn.) has emerged as a potential successor. This development could have significant consequences for the crypto industry if it takes on the role of spokesperson. However, the recent dramatic impeachment of McCarthy has created uncertainty about the timeline for electing a new Speaker.
The House faces the next round of budget debates that will determine whether Congress can keep the federal government functioning. The government shutdown could further slow the already slow pace of crypto asset policies in Washington, causing concerns in the crypto industry. Once Representative Patrick McHenry takes the reins as interim Speaker of the House, the cryptocurrency community will closely monitor emerging political developments and their potential impact on the regulatory environment for cryptoassets. While industry stakeholders hope McHenry’s leadership will make it easier to pass crypto-friendly legislation, they will also be closely monitoring the Senate’s response to these important bills.
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