Amid a heated political atmosphere, the United States House of Representatives has undergone a significant change that could have interesting implications for the world of cryptocurrencies.
On Tuesday, a landmark vote removed Kevin McCarthy from his position as speaker of the House. With a narrow difference, 216 to 210 votes and the unexpected support of eight Republicans, McCarthy saw his reign come to an end. “The position of Speaker of the House… is declared vacant,” Rep. Steve Womack (R-Ark.) announced.
“Markets could react negatively to government dysfunction,” noted Brian Gardner, chief policy strategist at Stifel in Washington, of the possible immediate market impact. Tuesday’s voting ended late in the afternoon, after markets closed.
“We’ve never seen anything like this,” added Greg Valliere, chief North American policy strategist at AGF Investments, in a note to clients Tuesday morning ahead of the vote.
Although the vote itself is already news, the subplot that is attracting the attention of cryptocurrency enthusiasts is the figure of Patrick McHenry, the Republican congressman from North Carolina who was appointed to hold the position on an interim basis. For those who are aware of the crypto market, McHenry’s name is not strange. He has been a pro-crypto voice in the sea of political uncertainty.
In July of this year, McHenry gave his endorsement to the “Financial Innovation and Technology for the 21st Century Act,” legislation that could shape the future of digital transactions in the United States. Not only that, but his willingness to confront figures like Gary Gensler, chairman of the SEC, on topics like Ethereum classification shows how engaged he is with the nuances of the sector.
The Biden administration has taken a cautious stance toward cryptocurrencies, something that McHenry evidently views with some skepticism. He has been vocal about the need for Congress to embrace new technologies and recognize the potential that cryptocurrencies offer. In a world where digitalization is rapidly changing the way we live, work and transact, having a figure like McHenry in a prominent position could signal interesting times ahead for cryptocurrency advocates in the US.
Now, it remains to be seen how this change in House leadership will affect crypto-related policies and whether McHenry will use his new position to promote legislation that is more friendly to digital innovation.
At the time of publication, the price of BTC was quoted at US$27,400.00, down -0.4% in the last 24 hours.
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