Mike Johnson, a member of the U.S. House of Representatives, has been chosen as the next speaker of the House, a position that places him second in the line of succession to the U.S. presidency and wields considerable influence in Congress. The voting took place on October 25, with all 220 House Republicans backing Johnson, while 209 Democrats cast their votes for Rep. Hakeem Jeffries. This marked the first decisive leadership decision by the government agency in over three weeks, as Rep. Patrick McHenry had been serving as speaker pro tempore since October 3, following the ousting of former Speaker Kevin McCarthy.
One notable aspect is that Rep. Johnson's stance on cryptocurrencies is largely unknown, leaving the digital asset industry in anticipation. There had been hopes in the crypto community for Representative Tom Emmer, a vocal advocate for digital assets in Congress, to assume the role, but his campaign was brief, as former U.S. President Donald Trump urged hardline Republicans not to support him.
In the meantime, McHenry, who has been filling in as speaker pro tempore, was occupied with preparations for the House vote, during which Financial Services Committee Vice Chairman French Hill chaired a subcommittee hearing on "Modernizing Financial Services through Innovation and Competition." The hearing revolved around discussions related to cryptocurrency legislation, including acts such as the Financial Services Innovation Act and the Review of Consumer Choice in Digital Payments Act.
Now that Speaker Johnson has been sworn in, the House can resume discussions and votes on crypto-related bills. Some bills have already been advanced out of committee, such as the 21st Century Financial Innovation and Technology Act, the Blockchain Regulatory Determination Act, the Payment Stablecoins Act, and the Keep Your Coins Act. However, there may be the need to pass a new spending bill by November 17 to address the possibility of a government shutdown.
