McHenry's ousting McCarthy could raise profile of pro-crypto politicians

McHenry's ousting McCarthy could raise profile of pro-crypto politicians

On Tuesday, the House of Representatives of California voted to oust McCarthy, the current speaker of the United States, for the first time in its 234-year history.

Without precedent, the remarkable occurrence now throws the House into paralysis until a majority of Congressmen can agree on a new speaker. While the vote was widely condemned on Tuesday as disasterous by numerous Republicans, it could also have the potential to raise the profile of a number of notably pro-crypto politicians who appear well positioned to succeed McCarthy.

As soon as the Speaker's position was formally vacated on Tuesday afternoon, McCarthy in accordance with House rules tapped a temporary House speaker to replace him in the interim : Patrick McHenry, current leader of the powerful House Financial Services Committee.

In recent months, McHenry, a prominent advocate of the crypto industry, has sought to leverage his influential position to create a comprehensive framework for American crypto regulation. A bill championed by the North Carolina Rep., which seeks to establish a clear path for crypto projects and exchanges to operate legally in the United States, has been circulating around Washington since this summer.

If McHenry would leverage his current position as Interim Speaker of the House to pursue the role permanently-and triumph in that effort-then the development would undoubtedly constitute the highest position of the United States government ever held by such a vocally pro-crypto politician. In addition to coordinating all matters that occur before Congress, the Speaker of the House also becomes the second person in line for the presidency after the Vice President.

It is uncertain if McHenry will seek the position again, given his close personal relationship with McCarthy - who may himself seek the speakership again despite the clear obstacles standing in his way. If McHenry abstains, the role may still be in the grasp of another fiercely pro-crypto Congressman, Tom Emmer, the current House Majority Whip.

The third-highest ranking Republican in Congress, Emmer has positioned himself as one of Washington's most outspoken crypto proponents for more than a year. He has criticized federal government agencies for taking action against privacy-minded crypto tools, steadfastly defended the crypto industry even after the collapse of FTX, and repeatedly taken swings at SEC chair Gary Gensler for the agency's actions against crypto firms. He even went so far as to draft a bill to guarantee Gensler's firing in June.

Emmer has also notably gained the trust of the eight extreme Republican lawmakers who voted to oust McCarthy earlier Tuesday, according to the New York Times, potentially clearing a key hurdle facing any potential candidate for the position.

As yet, Emmer will seek the Speakership or be able to attain it. Asked about the Republican caucus' currentfracturing and ultra-slim majority, it is uncertain how or when any speaker candidate will be able to convince more than half of the House to support them.

Other representatives reported by the Times as being viable candidates for the position include Steve Scalise, the current No. The Republican caucus has the highest female ranking member of the Republican House Republican, Elise Stefanik.