The U.S. House of Representatives has elected Mike Johnson as the next speaker, clearing the way for legislative action on cryptocurrency bills. Johnson secured 220 votes from Republicans, while 209 Democrats voted for Hakeem Jeffries. Johnson's stance on cryptocurrency is largely unknown, unlike pro-crypto advocate Tom Emmer, whose bid was short-lived following opposition from former President Donald Trump. With the new speaker in place, previously passed bills like the Financial Innovation and Technology for the 21st Century Act and others could advance to a full House vote.
The United States House of Representatives has elected Mike Johnson as the next speaker. Johnson received 220 votes from Republicans, while 209 Democrats voted for Hakeem Jeffries. This development clears the way for legislative action on cryptocurrency bills in the House.
The cryptocurrency community had expressed hope that Tom Emmer, an advocate for digital assets in Congress, would become the speaker. However, his candidacy was short-lived following a statement from former President Donald Trump, who urged hardline Republicans not to support him.
The election of Speaker Johnson allows the House of Representatives to bring legislation to the floor for votes. Several bills related to cryptocurrencies, 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, had been passed out of committee but were awaiting further action in the House.
It's important to note that the House may need to address a new spending bill before November 17 to prevent a potential government shutdown.
(TURNER WRIGHT, COINTELEGRAPH, 2023)