The likelihood of securing a stable U.S. House Speaker is dim, potentially causing delays in cryptocurrency-related legislation.
The competition between Rep. Steve Scalise of Louisiana and Jim Jordan of Ohio are closely contested. House Republicans are convening on Thursday to determine whether there will be sufficient votes to support Scalise. While this decision is being sorted out, Rep. McHenry will serve as a temporary leader.
There are considerable assumptions about whether the House Republicans can reach an agreement on selecting a Speaker. They are keen to avoid a situation where they have to conduct multiple rounds of voting.
During his temporary period as Speaker, McHenry will maintain his role as the chair of the House Financial Services Committee but won’t actively engage in legislative work. The primary focus would be on passing bills to support Israel amidst the ongoing violence in the region and to prevent a government shutdown next month.
The Israel situation is also causing a major slowdown in the House’s legislative activities and if that continues for another week, various developments could occur, as the election for next Speaker would be the first priority.
However, when it comes to cryptocurrency, keep an eye on McHenry because he is eager to push for votes on cryptocurrency-related issues as soon as possible.
Ron Hammond, Director of Government Relations at Blockchain Association said, “However he is smart in not pushing forward right now given the geopolitical instability and fractured House R conference.”
He added, “It could be a while before things return to “normal” for Congress, but when they do they’ll plunge right into Israel and preventing another shutdown.”