House Elects Rep. Mike Johnson as Speaker

The election ended weeks-long ambiguity around the GOP, putting crypto’s fate in a closed box.
House Elects Rep. Mike Johnson as Speaker

The U.S. House of Representatives ended its weeks-long leadership vacuum by electing Rep. Mike Johnson as the 56th Speaker on October 25. However, Rep. Mike Johnson’s views on cryptocurrency regulation remain largely unknown.

Rep. Mike Johnson garnered the backing of 220 Republicans in the vote, exceeding the threshold of 215 votes needed for victory.

This marked the House’s first conclusive speaker vote after over 20 failed attempts since the new Congress was sworn in on January 3.

The impasse left House business at a standstill, with no ability to pass legislation or conduct hearings. 

Patrick McHenry had been serving as a temporary speaker since October, 3 when Kevin McCarthy failed to gain majority support from Republicans.

Many in the crypto industry had hoped Congressman Tom Emmer would prevail as speaker. Emmer has actively championed digital assets in Congress as chair of the Blockchain Caucus. But his brief speaker bid quickly collapsed after former President Donald Trump opposed his campaign.

With Donalds now holding the gavel, the stalemate ends and the House can resume legislative work. This is critical for pending crypto bills that cleared committee review last year but await floor votes.

These include the Financial Innovation and Technology (FIT) Act, Blockchain Regulatory Certainty Act, Clarity for Digital Tokens Act, and Keep Your Coins Act. The FIT Act in particular aims to create legal clarity for digital tokens.

However, Donald’s own positions regarding crypto oversight remain mostly ambiguous. The Florida representative has not taken leadership roles in any blockchain or fintech-focused committees or caucuses.

But in November 2021, Donalds did vote in favor of an infrastructure bill amendment that would have prevented overly broad broker reporting requirements for crypto firms. This signals he may lean pro-crypto in future policy debates.

Also Read : Speaker Drama Pauses Crypto Legislation in Congress

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