A long-term U.S. House Speaker is unlikely to be elected, which might delay legislation pertaining to cryptocurrencies.
Rep. Steve Scalise of Louisiana and Rep. Jim Jordan of Ohio are engaged in a heated debate. Republicans in the House will meet on Thursday to determine whether Scalise can get enough support for the job.
Representatives Scalise and Jordan appear to be in a tie for first place in the race to become the next Speaker. Patrick McHenry will act as the interim leader during this time.
There are many presumptions regarding the ability of the House Republicans to agree on a Speaker. They are anxious to keep from having to conduct numerous voting rounds.
McHenry will continue to serve as the House Financial Services Committee’s head during his interim term as Speaker, but he won’t be actively working on legislation pertaining to cryptocurrency laws until a new Speaker is selected.
According to Hammond, McHenry might be given some legislative authority. Passing legislation to protect Israel during the current conflict in the region and avert a government shutdown next month would be the main priorities.
The House’s legislative efforts have significantly slowed down as a result of this circumstance. New candidates stepping forward to maybe become the next Speaker, for example, could happen if it goes on for another week.
McHenry is keen to push for votes on cryptocurrency-related topics as quickly as possible, so pay attention to him when it comes to cryptocurrencies.
However, given the geopolitical unrest and fragmented House R conference, he is wise to hold off for the moment, said to Ron Hammond, Director of Government Relations at the Blockchain Association.
It might take some time for Congress to get back to “normal,” but once they do, they’ll attack Israel head-on and avert another shutdown, he continued.
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