McHenry will serve as temporary House Speaker for crypto legislation

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McHenry will serve as temporary House Speaker for crypto legislation

The U.S. House of Representatives is gearing up to pass legislation to establish digital-asset regulations next month.

While House Republicans seek a permanent replacement for their just-opposed speaker of the House Kevin McCarthy, McHenry will serve as McCarthy's temporary replacement. Chairman of the House Financial Services Committee has been hard at work 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 markets cleared his committee and are expected to be brought up for floor votes as soon as next month. A House acceptance vote is only a half victory for the crypto industry if the Senate doesn't approve it.

Meanwhile, a discordant Republican caucus of 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 has emerged among potential successors, which could be a major win for crypto.

After the removal of McCarthy, it is 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. A partial shut down would likely slow the already sluggish pace of digital-asset policymaking in Washington.