Crypto friendly Representative T. McHenry has assumed the temporary Speaker of the House role following the dramatic removal of Representative Kevin McCarthy, who is a Republican from California.
McCarthy lost his leadership position in the House due to a dispute with far-right members, notably Representative SEN. Matt Gaetz from Florida.
Amidst the power struggle between McCarthy and the far-right lawmakers, McHenry positioned himself on McCarthy’s side. He conveyed his perspective on Twitter a day before the vote that “wasting time on a motion to vacate is a disservice to the American people.”
Chair of the House Financial Services Committee, McHenry advanced two bills during the summer aimed at overseeing the cryptocurrency industry.
Additionally, he recently issued a warning of potentially issuing a subpoena to Securities and Exchange Commission Chair Gary Gensler. He accused Gensler of not providing Congress with sufficient transparency regarding his dealings with the now-bankrupt crypto exchange FTX and its former CEO, Sam Bankman-Fried.
House Majority Whip Rep. Tom Emmer, a Republican from Minnesota, has been mentioned as a potential candidate for the position of House Speaker.
Gaetz has apparently expressed his belief that Emmer would excel as a Speaker. Emmer has also shown support for cryptocurrencies and voiced his concerns regarding the SEC’s actions in this regard.