US crypto firms are reportedly breaking records in terms of how much they’ve spent on lobbying in 2023. According to a new report by Reuters, the US crypto industry spent a combined $18.96 million on lobbying in the first three quarters of 2023, $2.86 million more than it spent during the same period in 2022. […]
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Eight Republicans voted against Republican Representative McCarthy, making it the first time in U.S. history that the House Speaker has been ousted by Congress.
United States Representative and crypto-friendly lawmaker Patrick McHenry has been appointed as interim House Speaker after the high-profile ousting of U.S. House speaker Kevin McCarthy.
McCarthy’s ousting came after a 216-210 vote by Congress, with eight of the 216 votes coming from McCarthy’s fellow Republicans, marking the first time a House Speaker has been removed in U.S. history, according to Reuters.
The vote was prompted by a motion from one of McCarthy’s political rivals, Matt Gaetz, who called into question several contradictory promises made by McCarthy.
Though temporary, McHenry’s appointment could be seen as a small win for the digital asset sector. The Speaker sets the House’s legislative agenda, controls committee assignments, and schedules specific bills to be debated and voted upon in the chamber.
House Speaker is considered the most influential position in the U.S. government behind the President and Vice President.
Meanwhile, McHenry is regarded as one of the biggest challengers to the Securities Exchange Commission’s regulation by enforcement-style approach to the cryptocurrency sector.
McHenry also grilled SEC Chair Gary Gensler in his testimony before Congress last week, suggesting he’s attempting to “choke off the digital asset ecosystem.” McHenry also called Gensler out for refusing to be transparent with Congress about the SEC’s connections with FTX and its former CEO, Sam Bankman-Fried.
SEC Chair @GaryGensler refuses to schedule a Commission vote to provide Congress with requested documents.
— Patrick McHenry (@PatrickMcHenry) October 2, 2023
Should Gensler continue to stonewall, Republicans will have no choice but to issue the first subpoena to the SEC from my Committee to compel their production. https://t.co/Aw5U0aJ0Tt
McHenry also released the discussion draft “Digital Asset Market Structure Proposal” on June 1, which purports to provide clarity, fill regulatory gaps, and foster innovation in the cryptocurrency space, a paper that was praised by some industry leaders.
Related: Rep. Patrick McHenry blames White House for lack of urgency on stablecoin bill negotiations
However, McHenry’s tenure as House Speaker may be short-lived, with an official vote on a new House Speaker set for Oct. 11, according to Bloomberg.
A Reuters report speculates that along with McHenry, there is a possibility that pro-crypto Representative Tom Emmer or even Donald Trump could be a possible replacement for McCarthy, though none have publicly expressed interest in taking the position.
50-50 we get a crypto champion as Speaker now, with Whip Emmer and Speaker pro tempore McHenry in the running. Wild day.
— Ryan Selkis (@twobitidiot) October 3, 2023
(Speaker of the House is third in power behind President and VP for the non-US followers out there.) https://t.co/2ow5li2lnw
Meanwhile, McCarthy has already confirmed he won’t run for House Speaker again.
Magazine: Opinion: GOP crypto maxis almost as bad as Dems’ ‘anti-crypto army’
Republican members of the U.S. House of Representatives say that the U.S. Securities and Exchange Commission (SEC) is looking for publicity and political impact with its anti-crypto strategy. Representatives French Hill of Arkansas and Dusty Johnson of South Dakota recently penned a letter to SEC Chairman Gary Gensler highlighting the need for clear crypto guidelines. […]
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Paul Grewal, Coinbase’s chief legal officer, was informed of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against his company less than an hour before he was set to testify on crypto legislation before the House Committee on Agriculture. Grewal says in a new interview with Bankless that the timing of the SEC’s announcement this […]
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In the wake of Florida Governor Ron DeSantis’ remarks in Jacksonville on Tuesday, both the Florida House of Representatives and Senate have approved the state’s anti-central bank digital currency (CBDC) legislation, dubbed SB 7054. The bill explicitly states that should the U.S. central bank, a federal agency, or a foreign government issue a CBDC, its […]
There is a lot of discussion lately about the U.S. government’s debt ceiling and whether Congress will act before defaulting. In a recent interview, Christine Lagarde, the president of the European Central Bank (ECB), said she is confident the U.S. can maintain its debt obligations. However, she warned that if the U.S. were to default […]
Republicans in the U.S. House of Representatives are criticizing the White House, saying the Biden administration’s approach to crypto assets threatens the nascent industry. In a new memo addressed to the members of the House Committee on Financial Services, Republicans acknowledge that digital assets are a thriving trillion-dollar market. “Today, the total digital asset market […]
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On Feb. 10, 2023, Republicans Patrick McHenry of North Carolina and Bill Huizenga of Michigan, both members of the U.S. House of Representatives, sent a letter to Securities and Exchange Commission (SEC) chairman Gary Gensler seeking answers about the arrest of FTX co-founder Sam Bankman-Fried prior to his scheduled testimony before the House Financial Services […]
Janet Yellen, the U.S. secretary of the Treasury, sent a letter to Congress on Friday urging lawmakers to increase the spending limit. Yellen stressed that the country would reach its statutory debt limit on Jan. 19, 2023. She warned that “failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the […]
Several U.S. House of Representatives Republicans have proposed legislation that would significantly decrease funding for the Internal Revenue Service (IRS). The move comes after the newly elected Speaker, Kevin McCarthy, stated that he would challenge the funding granted to the U.S. tax agency in the previous year. Biden Administration Opposes Bill for Rescinding Funding for […]