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Congressman McHenry Assumes Interim Role as Advocate for Crypto in U.S. House

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Oct 6, 2023 at 07:08 am

Representative Patrick McHenry, known for his support of regulated crypto practices, has assumed a crucial role as the interim Speaker of the U.S. House of Representatives, coinciding with the advancement of crypto-related bills in the legislative process.

In light of the recent removal of Speaker Kevin McCarthy, McHenry steps in as a temporary replacement while House Republicans seek a permanent successor. As the chairman of the House Financial Services Committee, McHenry has been actively involved in crafting several crypto bills since the previous year. His elevated position in the House bodes well for the progress of these initiatives.

Among the bills under consideration, one aims to establish safeguards for U.S. stablecoins, while another seeks to implement comprehensive regulations for the crypto markets. Both have received approval from McHenry's committee and are slated for floor votes in the coming month. However, their success in the House is only a partial victory, as they will still need to pass through the potentially resistant Senate.

Simultaneously, the House grapples with internal discord among Republicans as they endeavor to select a permanent speaker. This process, which required 15 rounds of voting to appoint McCarthy, remains ongoing. The name of Representative Tom Emmer has surfaced as a potential successor, a development that could carry significant implications for the crypto industry.

Yet, in the wake of McCarthy's sudden removal, the timeline for the selection of a new leader remains uncertain. The House is immediately confronted with upcoming budget discussions that will determine the government's operational status. A potential shutdown could further impede the already sluggish pace of crypto policymaking in Washington.

Read more: Former Galaxy Head of Mining Launches Consulting Venture After Departure

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