Ohio Representative Jim Jordan falls short of securing the position of Speaker in the U.S. House of Representatives, leaving North Carolina Representative Patrick McHenry, a vocal supporter of cryptocurrencies, in a temporary role. The Speaker election stalemate, with no candidate obtaining the required majority, has led to legislative paralysis, hindering the progress of crypto-related bills in the House.



Amidst a Speaker election stalemate in the U.S. House of Representatives, North Carolina Representative Patrick McHenry, a notable proponent of cryptocurrencies, finds himself in a temporary role as the third most powerful figure in the U.S. government. The election, held on October 17, failed to produce a Speaker as Ohio Representative Jim Jordan, the Republican Party's nominee, fell short of the required majority.


Jordan secured 200 votes, below the 217 needed to assume the position of Speaker. All 212 Democratic members of the House voted for Minority Leader Hakeem Jeffries. Other votes by Republican lawmakers were distributed among Representatives Steve Scalise, Kevin McCarthy, Tom Emmer, Tom Cole, Thomas Massie, Mike Garcia, and former New York Representative Lee Zeldin. The outcome has resulted in a legislative deadlock, preventing the advancement of crypto-related bills in the House.


Patrick McHenry, serving as interim Speaker since the ousting of McCarthy on October 4, holds a temporary position with limited authority to move legislation forward, except for the Speaker vote. The unprecedented situation has paralyzed half of the legislative branch, hindering the progression of crucial bills related to cryptocurrencies.


Crypto enthusiasts on social media have advocated for McHenry to become the next Speaker, emphasizing his pro-crypto stance. However, such an outcome would necessitate nearly unanimous support from Republicans in the House. The Speaker of the House holds the second position in the U.S. presidential line of succession after the President and Vice President. Still, questions surround whether this applies to an interim Speaker like McHenry.


During McHenry's leadership of the House Financial Services Committee, several significant crypto-related bills were passed, including the Financial Innovation and Technology for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Keep Your Coins Act. Despite the committee's progress, the current political impasse has cast doubt on the immediate future of these bills, pending a resolution in the Speaker election.


(TURNER WRIGHT, COINTELEGRAPH, 2023)