McHenry will serve as temporary House Speaker for crypto legislation

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.