Rep. McHenry Temporarily Assumes Role As US House Speaker

Representative T. McHenry steps in as temporary Speaker amid McCarthy’s removal, supports crypto oversight & warns of SEC subpoena.
Rep. McHenry Temporarily Assumes Role As US House Speaker
Rep. McHenry Temporarily Assumes Role As US House Speaker

Representative Kevin McCarthy, a Republican from California, was abruptly removed from his position as Speaker of the House, and his replacement is Representative T. McHenry.

McCarthy was ousted as the House’s leader after a disagreement with extremists, notably Florida Representative SEC Matt Gaetz.

McHenry took a stand for McCarthy in the power struggle between him and the far-right Republicans. A day before the vote, he expressed his opinion on Twitter, saying that “wasting time on a motion to vacate is a disservice to the American people.”

McHenry, the head of the House Financial Services Committee, advanced two legislation this summer that would regulate the bitcoin market.

In addition, he recently threatened to summon Gary Gensler, the chair of the Securities and Exchange Commission. He claimed that Gensler had not been open enough with Congress about his interactions with Sam Bankman-Fried, the former CEO of the defunct cryptocurrency exchange FTX.

Rep. Tom Emmer, the Republican House Majority Whip from Minnesota, has been considered as a possible House Speaker contender.

Gaetz seems to have said that he thought Emmer would do well as Speaker. Emmer has also shown his support for cryptocurrency and expressed concern over the SEC’s conduct in this area.

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