A staunch advocate for crypto industry regulation, Rep. Patrick McHenry has found himself as a stand-in Speaker of the House as crypto bills head toward the floor.
Crypto-friendly Rep. Patrick McHenry has landed in the driver’s seat of the U.S. House of Representatives just as legislation to establish digital-asset regulations nears a finish line there.
While House Republicans seek a permanent replacement for their just-ousted Speaker of the House Kevin McCarthy , McHenry will serve as McCarthy’s temporary replacement. The chairman of the House Financial Services Committee has been hard at work since last year on a number of crypto bills, and having McHenry in a leadership role over the entire House can’t hurt their progress.
One bill that would erect guardrails for U.S. stablecoins and another that would establish wide-reaching rules for the crypto marketsand are expected to be brought up for floor votes as soon as next month. However, a House approval is only a half victory for the crypto sector if the resistant Senate doesn’t approve it.
Meanwhile, a discordant Republican caucus in the House will try to find a permanent speaker – a painful process that took 15 rounds of voting to put McCarthy into the role. The name of Rep. Tom Emmer hasStill, after Tuesday’s dramatic and unprecedented ouster of McCarthy, it’s uncertain how long Republicans will take to choose a new leader. The House almost immediately faces the next round of budget debates that will determine whether Congress can keep the federal government open for business.
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