#CryptoReboundStrategy
Mike Johnson, with Trump's support, reelected as Speaker of the House. The Louisiana Republican is considered a strong advocate for the cryptocurrency industry.
Representative Mike Johnson (Republican from Louisiana) will keep the big gavel after his Republican colleagues voted to reelect him as Speaker of the House on Friday afternoon.
Johnson, who has been publicly backed by President-elect Donald Trump, managed to gather the minimum of 218 votes needed to win the job in the first round of voting, although he had to persuade two of his fellow Republicans – Representative Ralph Norman (Republican from South Carolina) and Representative Keith Self (Republican from Texas) – who initially voted for other candidates to change their votes to him.
As Republicans only have a very narrow margin of control in the House, Johnson could only afford to lose one vote, which he did, in front of Representative Thomas Massie (Republican from Kentucky). Massie's "no" vote was no surprise; he had previously told former Representative Matt Gaetz that he would literally endure torture before voting for Johnson. Instead, Massie voted for Representative Tom Emmer (Republican from Minnesota), the majority leader and a longtime supporter of the cryptocurrency industry. Emmer voted for Johnson.
The voting process on Friday – the first order of business at the start of the 119th Congress – took only 2.5 hours in total, a much faster and more agile process than the previous election in October 2023, in which Johnson was elected for the first time.
Although Johnson has not been very forthcoming about cryptocurrency-related issues, he is widely regarded as a friend of the industry. He previously voted in favor of the Financial Innovation and Technology for the 21st Century Act (more commonly known as FIT21) and a bill against central bank digital currencies (CBDC).
Johnson's reelection — and Emmer's continued position as majority leader — means that pro-cryptocurrency members of Congress are likely well-positioned to push for cryptocurrency legislation in 2025.
