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Kevin McCarthy was ousted as a House Speaker in a vote held by the House of Representatives on Tuesday.\u00a0<\/p>\n
The historic outcome marks the first time a vote was successful in ousting the current speaker. Representative Matt Gaetz filed a motion to vacate in order to strip McCarthy of the post.\u00a0<\/p>\n
McCarthy is a crypto-friendly Republican, he\u2019s previously admitted that he likes bitcoin and supports the decentralization aspect for cryptocurrencies. Back in 2019 \u2014 prior to the collapse of FTX<\/a> and lenders such as Celsius and BlockFi \u2014 he praised blockchain\u2019s ability to revolutionize the security of the financial industry.<\/p>\n In his place, Representative Patrick McHenry<\/a> is to become speaker pro tempore. McHenry also has a past of being crypto-friendly, while also chairing committees overseeing digital asset bills.<\/p>\n Back in July, McHenry said that politicians on the Hill were going to take a \u201chistoric step for American innovation and consumer protection as we undertake the first ever legislative markup of digital asset legislation.\u201d<\/p>\n He also has signaled support for the Grayscale ruling<\/a>, as well as questioning the timing of the special purpose broker-dealer approval that Prometheum received.<\/a>\u00a0<\/p>\n Back in July, at the makeup session of the stablecoin bill McHenry said, \u200b\u200b\u201c\u2026I had hoped to announce an agreement with the ranking member on stablecoins legislation.\u201d \u201cThis will not be the case\u2026It was the White House\u2019s unwillingness to compromise that has once again brought that negotiation to a halt.\u201d<\/p>\n The markup was packed with drama, as it devolved into a shouting match, as previously reported by Blockworks<\/a>.\u00a0<\/p>\n 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.<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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