McHenry takes over as US House Speaker

McHenry takes over as US House Speaker

After Kevin McCarthy was removed by Congress, Patrick McHenry, known for his crypto-friendly stance, has taken over the role of the US House Speaker. This marks the first time in US history that a House speaker has been removed from office.

The removal of Kevin McCarthy from his position as House Speaker of the United States was facilitated by 216 votes, including eight from Republicans, according to Reuters.

The two-time champion of his opposition to the SEC's regulation-by-enforcement approach towards cryptocurrency is James McHenry, a lawmaker who has criticized the SEC's regulation-by-enforcement approach.

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The House Speaker's role is crucial as it necessitates setting the legislative agenda, controlling committee tasks, and calendaring specific bills for debate and voting.

But Mr. McHenry's term could be short-lived as a vote for a new House speaker is scheduled for October 11, Bloomberg said. The candidates for the nomination include pro-crypto Rep. Tom Emmer and Donald Trump, both of whom have publicly expressed interest. On the other hand, Mr. McCarthy, on the other hand, has said he will not run again for the position of House Speaker.

In an interview with SEC Chairman Gary Gensler, McHenry said the commission's links with FTX and its former CEO, Sam Bankman-Fried, were not transparent.

Last week, McHenry didn't mince words, highlighting SEC Chairman Gary Gensler's reluctance to share details with Congress.

Bitcoin BTC/USD was trading at $27,362.22 in the past 24 hours, down 0.86%, according to Benzinga Pro.

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