Eight Republicans went against their party and voted against Representative McCarthy, causing a significant moment in history. It made the first time in U.S. history that Congress removed a House Speaker. After Kevin McCarthy’s removal, Patrick McHenry, known for his support of cryptocurrencies, stepped in as the interim House Speaker.
McCarthy’s removal from the position of House Speaker resulted in a congressional vote of 216–210. Notably, among the 216 supporters were eight Republican members. Its event holds particular significance as it marks the first-ever removal of a House Speaker in the history of the United States, according to Reuters.
Furthermore, the decision to hold a vote stemmed from a motion put forth by one of McCarthy’s political opponents, Matt Gaetz. However, Gaetz raised concerns about the inconsistencies in McCarthy’s promises, which prompted this action.
Patrick McHenry’s appointment as Speaker may be temporary, yet it represents a noteworthy triumph for the digital asset industry. As Speaker, McHenry wields considerable authority, shaping legislative priorities and determining committee assignments. Moreover, he plays a critical role in timing bill discussions and votes within the House.
The House Speaker wields significant influence within the U.S. government, ranking just below the president and vice president in terms of power. Conversely, McHenry is recognized as a prominent critic of the SEC’s enforcement-based approach to regulating the cryptocurrency industry.
McHenry Grills SEC Chair and Proposes Crypto Regulation In Congressional Testimony
In addition, during his recent Congressional testimony, McHenry sharply questioned SEC Chair Gary Gensler’s actions. His remarks implied an effort to stifle the digital asset ecosystem. Furthermore, McHenry criticized Gensler for lacking transparency regarding the SEC’s ties to FTX and its former CEO, Sam Bankman-Fried.
In June, McHenry published a discussion draft titled the “Digital Asset Market Structure Proposal,” providing clarity, addressing regulatory deficiencies, and promoting innovation in the cryptocurrency sector. Importantly, this document garnered praise from crucial industry leaders.
However, McHenry’s position as House Speaker might be brief. An official vote for a new House Speaker is scheduled for October 11, according to Bloomberg.
Furthermore, according to a Reuters report, there is speculation regarding potential successors to McCarthy as House Speaker. Some notable contenders being mentioned include McHenry and pro-crypto Representative Tom Emmer, or even Donald Trump.
However, they have yet to publicly express interest in the position thus far. In the meantime, McCarthy himself has confirmed that he will not be seeking re-election as House Speaker.
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