Pro-crypto lawmaker stays interim US House Speaker as front-runner loses first round of voting

Representative Patrick McHenry, chair of the United States House Financial Services Committee and a crypto advocate in Congress, is still temporarily in the third most powerful role in federal government after among his Republican colleagues failed to protect sufficient votes.In a vote carried out with members of the U.S. House of Representatives on Oct. 17, no candidate for Speaker won a bulk of votes needed to secure the position. Representative Jim Jordan, the Republican Partys nominee for Speaker, acquired 200 votes– except the 217 required to win.All 212 Democratic members of your house chose Minority Leader Hakeem Jeffries, with other votes by Republican lawmakers going to Representatives Steve Scalise, Kevin McCarthy, Tom Emmer, Tom Cole, Thomas Massie and Mike Garcia, in addition to former New York Representative Lee Zeldin. According to House guidelines, a Speaker need not be a member of Congress.McHenry, who has actually been working as interim Speaker because Republican members voted to oust McCarthy on Oct. 4, currently does not have the authority to move legislation forward in your home, with the exception of the Speaker vote. For the very first time in U.S. history, half of the legislative branch of the federal government was mainly paralyzed, making it difficult to progress with crypto-related bills.Representative Patrick McHenry resolves the U.S. House of Representatives on Oct. 17. Source: Live.house.govMany pro-crypto users on social media have gotten in touch with legislators to make McHenry the next Speaker– an outcome that would likewise need nearly all Republicans in the House to join behind one prospect. Behind U.S. President Joe Biden and Vice President Kamala Harris, the Speaker of the House is 2nd in the nations governmental line of succession. Some professionals have reportedly stated the line of succession does not use to an interim Speaker like McHenry.Related: United States federal government among biggest Bitcoin hodlers with over $5B in BTC: ReportAt the time of publication, it was unclear when McHenry planned to call for a second vote. Lots of have criticized Jordan for repeating frauds surrounding the outcomes of the 2020 presidential election in favor of former President Donald Trump, however he remains the leading candidate, with a Republican bulk in your home and Democrats joined behind Jeffries.McHenry led your house Financial Services Committee as lawmakers enacted favor of crypto expenses, including the Financial Innovation and Technology for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act and the Keep Your Coins Act. The pieces of legislation are expected to head to your house floor for a complete vote, however the current situation with the Speaker makes that unlikely in the near future.Magazine: Opinion: GOP crypto maxis almost as bad as Dems anti-crypto army