At the time of publication, half of the legislative department of the federal authorities of the United States was largely paralyzed following a vote ousting then Speaker Kevin McCarthy.
U.S. lawmakers voted to declare the workplace of Speaker of the House of Representatives vacant on Oct. 3, marking the primary time within the historical past of the United States the federal government physique was with out management. Representatives are scheduled to return to Congress on Oct. 11 to vote on a brand new Speaker, with experiences suggesting that Republicans Jim Jordan and Steve Scalise have been the main candidates.
House speaker race.
Convention (Scalise) Vs Chaos (Jordan).https://t.co/sTQKHjY2wC
— CryptoSmind (@SmindCrypto) October 10, 2023
Following McCarthy’s absence, crypto-friendly lawmaker Patrick McHenry has been acting as the interim Speaker however is just not anticipated to be a contender for the job. Former U.S. President Donald Trump has given his endorsement to Jordan, who has repeated falsehoods surrounding the outcomes of the 2020 presidential election. Scalise, who has reportedly described himself as akin to white supremacist David Duke “without the baggage” may additionally obtain help from many within the Republican Party.
“[The Speaker’s race] paralyzes the House on nearly every front legislatively,” said the Blockchain Association director of presidency relations Ron Hammond in an Oct. 10 X thread. “If it drags out over another week then a lot of things can happen including potential new speaker candidates coming forward. For crypto though, McHenry is still the person to watch. He wants votes on crypto ASAP.”
According to Hammond, the uncertainty surrounding the House Speaker together with the prison trial of Sam Bankman-Fried and the war between Israel and Hamas “could push bills like stablecoins” to November or December:
“These major events will also dovetail into the 2024 election cycle. Presidential election years are hard to pass anything meaningful in Congress as everyone is focusing on winning.”
Ji Kim, head of world coverage for the Crypto Council for Innovation, informed Cointelegraph crypto was “turning into a precedence” for Congress. According to Kim, laws together with the Financial Innovation and Technology for the twenty first Century Act and the Clarity for Payment Stablecoin Act “will seemingly be delayed till a brand new Speaker is elected”.
Related: Crypto bills could be delayed as many prepare for US gov’t shutdown
It’s unclear how Republican lawmakers plan to stop a repeat of the occasions resulting in McCarthy being chosen as Speaker in January. It took 15 rounds of voting earlier than the California Representative may formally maintain the gavel, throughout which era all laws was on maintain.
Neither Jordan nor Scalise have been notably outspoken about any pro- or anti-crypto positions they might maintain. Crypto-focused payments handed by the House Financial Services Committee in July could move forward with a flooring vote within the full House earlier than the next session of Congress, however delays in figuring out a Speaker and consequently coping with a possible authorities shutdown in November may stymie progress.
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