Kenne Michael 
After U.S. House Speaker Kevin McCarthy’s high-profile resignation, crypto-friendly United States Representative Patrick McHenry has been appointed interim House Speaker.
McCarthy was ousted by Congress by a vote of 216–210, with eight of the 216 votes coming from McCarthy’s fellow Republicans, signifying the first time in U.S. history that a House Speaker was removed, according to Reuters.
The vote was prompted by a motion from one of McCarthy’s political opponents, Matt Gaetz, who questioned a number of McCarthy’s contradictory promises.
McHenry’s provisional appointment could be considered a small victory for the digital asset industry.
The Speaker determines the legislative agenda for the House, controls committee assignments, and schedules the debate and vote on specific legislation.
The House Speaker is the third most powerful position in the United States government, after the president and vice president.
McHenry is regarded as one of the most formidable opponents of the Securities and Exchange Commission’s enforcement-based approach to cryptocurrency regulation.
In his testimony before Congress last week, McHenry also questioned SEC Chairman Gary Gensler, implying that he is attempting to “choke off the digital asset ecosystem.”
McHenry also criticized Gensler for refusing to provide Congress with information regarding the SEC’s ties to FTX and its former CEO, Sam Bankman-Fried.
SEC Chair @GaryGensler refuses to schedule a Commission vote to provide Congress with requested documents.
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
— Patrick McHenry (@PatrickMcHenry) October 2, 2023
Some industry leaders praised McHenry’s “Digital Asset Market Structure Proposal” discussion draft, which aims to clarify, fill regulatory gaps, and foster innovation in the cryptocurrency sphere.
However, according to Bloomberg, McHenry’s tenure as House Speaker may be short-lived, with an official vote on a new House Speaker set for Oct. 11.
Reuters speculates that in addition to Representative Patrick McHenry, pro-cryptocurrency Representative Tom Emmer, and Donald Trump could be potential McCarthy replacements.
However, none have publicly expressed interest in the position.
https://twitter.com/twobitidiot/status/1709346243028168962
McCarthy has already confirmed he will not seek again for House Speaker.