Original｜Odaily
Author｜Jessica
Crypto-friendly congressman Patrick T. McHenry will take over on an interim basis as House speaker following the dramatic October 4 ouster of Rep. McKenzie, R-Calif. Rep. Patrick T. McHenry of North Carolina, who takes the gavel, will likely oversee the selection of a new speaker. But he has no power to run the chamber.
The following is a specific analysis of the current chaos in the U.S. Congress affecting U.S. cryptocurrency legislation.
Who is Patrick T. McHenry?
Before McKinsey was ousted, most people had heard little of Patrick T. McHenry, the bespectacled, bow-tie-wearing gentleman from North Carolina whose legislative focus was largely on fiscal policy. But he is somewhat well-known in the encryption circle. The most familiar thing is that he once shouted to SEC Chairman Gary Gensler: If Gensler continues to ignore regulatory requests, he will receive a subpoena. I dont think you want to be the first SEC to receive a subpoena from Congress. President.
This is not the first time he has been tough. During the Oversight of the SEC hearing, McHenry asked Gensler, Why is Bitcoin not considered a security?
Additionally, two bills regulating cryptocurrencies (the Payment Stablecoin Transparency Act and the Saved Tokens Act) and a bill targeting stablecoins were introduced during his tenure as chairman of the House Financial Services Committee (this summer).
But now he is thrust into the spotlight as speaker pro tempore, the reluctant leader of a paralyzed House of Representatives.
Patrick T. McHenry is a 10-term congressman and former member of House Republican leadership who resigned from the position in 2018 after the party lost seats in the House.
Now chairman of the House Financial Services Committee, he gained increased visibility during recent debt-ceiling negotiations and averted a government shutdown as McKinseys appointee to liaise with the White House.
He was a quintessential fiscal conservative, proudly proclaiming in his House biography that heNever voted for a tax increase in my career。
Now, he is Speaker Pro Tempore of the House, a placeholder role that essentially serves as speaker pro tempore while the Republican majority decides what to do next.
The House remains frozen
McCarthy was ousted amid a power struggle with far-right lawmakers including Rep. Matt Gaetz, R-Fla.
When each speaker takes officeA succession list will be created, McHenry’s name was first on McCarthy’s list.
The U.S. House of Representatives remains effectively frozen as Republican uproar adds to confusing plans over who could take over leadership of the chamber. After meeting with potential speaker candidates on Wednesday, Republican members spoke to different factions within the party.
In this case, this could go on for weeks,Rep. Garret Graves, R-Louisiana, said as he walked down the House floor during the competing sessions.
McHenry plans to hold a speaker candidates forum on Tuesday, a week after McCarthy is ousted, meaning a new speaker wont be chosen until that day at the earliest. In the meantime, other action in the House, including any legislative business, may be halted.
What were facing now is unprecedented, and the House is effectively frozen, said Congressman Garret Graves.
Its a blank slate. So the limitations or authority are really unknown, Graves said, so people are trying to figure out how to build the aircraft while its flying.
Cryptocurrency legislation stalls
The House of Representatives is frozen, which could waste precious time needed to push the cryptocurrency bill closer to the finish line.
In July, McHenrys committee had just introduced two bills that were awaiting a vote by the full House before being passed to the Senate. One of the bills would regulate stablecoins, while the other takes a comprehensive approach to creating a regulatory framework for cryptocurrencies; even if they ultimately get a vote in the House, they will still need support in the Senate, which could be difficult.
Ron Hammond, director of government relations at the Blockchain Association, said: “These bills are just sitting there and theres really nothing we can do about it, we just have to wait for general political developments and then re-legislate, which is an unfortunate situation. We’re kind of at a standstill right now.”。
The House will be forced to vote on a new speaker, but its unclear who will win enough votes to win the position.
McCarthy said he would not run for speaker again. majority party whipTom Emmer(also a crypto-friendly congressman) told reporters he would not run. House Majority Leader Steve Scalise (who is not involved in the crypto space) said he has no announcements to make at this time.
Members told reporters they expect to hold a candidate forum next Tuesday ahead of a vote on speaker, and possibly as early as Wednesday.
House rules do not expressly prohibit the Speaker Pro Tempore from exercising the powers of the elected Speaker. But Stan M. Brand, the former general counsel of the House of Representatives, said: The rules that led to McHenrys promotion were written with the temporary absence in mind, not the vacant seat. This leaves the door open for Mr. McHenry to exercise broader authority. provides him with a legal space, for example, to carry out legislative business if he wishes.
During this “interregnum,” it’s unclear whether McHenry will be conducting legislative business during his term as speaker pro tempore, but partisanship does affect the progress of encryption legislation.
