McCarthy ousted, crypto-friendly McHenry to become speaker pro tempore
The official replacement of McCarthy remains unknown
Rep Kevin McCarthy | Consolidated News Photos/Shutterstock modified by Blockworks
Kevin McCarthy was ousted as house speaker in a vote held by the House of Representatives on Tuesday.
The historic outcome marks the first time a vote was successful in ousting the current speaker. Rep. Matt Gaetz filed a motion to vacate in order to strip McCarthy of the post.
McCarthy is a crypto-friendly Republican, he’s previously admitted that he likes bitcoin and supports the decentralization aspect for cryptocurrencies. Back in 2019 — prior to the collapse of FTX and lenders such as Celsius and BlockFi — he praised blockchain’s ability to revolutionize the security of the financial industry.
In his place, Rep. Patrick McHenry is to become speaker pro tempore. McHenry also has a past of being crypto-friendly, while also chairing committees overseeing digital asset bills.
Back in July, McHenry said that politicians on the Hill were going to take a “historic step for American innovation and consumer protection as we undertake the first ever legislative markup of digital asset legislation.”
He also has signaled support for the Grayscale ruling, as well as questioning the timing of the special purpose broker-dealer approval that Prometheum received.
Back in July, at the makeup session of the stablecoin bill McHenry said, “I had hoped to announce an agreement with the ranking member on stablecoins legislation.” “This will not be the case. […] It was the White House’s unwillingness to compromise that has once again brought that negotiation to a halt.”
The markup was packed with drama, as it devolved into a shouting match, as previously reported by Blockworks.
The official replacement of McCarthy remains unknown, with the House needing to elect a new speaker. Gaetz has publicly spoken in favor of House Majority Whip Tom Emmer.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- 0xResearch: Alpha directly in your inbox.
- Lightspeed: All things Solana.
- The Drop: Apps, games, memes and more.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
