Congressman Patrick McHenry Assumes Role of US House Speaker Amidst Crypto-Friendly Wave

(Image credits: Politico)

In an unprecedented turn of events, Congressman Patrick McHenry, known for his crypto-friendly stance, has stepped into the shoes of US House Speaker after the ousting of Kevin McCarthy in a historic vote by the House of Representatives.

McCarthy, a prominent Republican figure, had garnered attention for his support of cryptocurrencies, particularly Bitcoin, and his advocacy for decentralization in the digital currency realm. His departure marks the first successful removal of a sitting Speaker in the history of the United States.

In 2019, prior to the downfall of major crypto platforms like FTX, Celsius, and BlockFi, McCarthy had lauded blockchain technology for its potential to revolutionize the security landscape of the financial industry.

Taking up the role of Speaker Pro Tempore, Congressman Patrick McHenry has a track record of actively championing crypto-related policies. He has chaired committees dedicated to overseeing digital asset bills, underlining his commitment to fostering innovation while ensuring consumer protection.

In a significant move this July, McHenry emphasized the importance of American innovation and consumer safeguards during the first-ever legislative markup of digital asset legislation on Capitol Hill.

Furthermore, McHenry has shown support for the Grayscale ruling and raised pertinent questions regarding the timing of Prometheum’s special purpose broker-dealer approval. In a recent statement, he reaffirmed his determination to advance stablecoin regulation, with the ultimate goal of presenting it to President Biden for approval into law.

As McHenry steps into this pivotal role, the crypto community will be keenly observing how his influence and policies may shape the landscape of digital assets and blockchain technology within the United States government. This development underscores the growing significance of cryptocurrency in the realm of American politics.

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