According to Foresight News, Patrick McHenry, a crypto-friendly chairman of the House Financial Services Committee, has been appointed as the interim Speaker of the House. McHenry has been studying several crypto-related bills since last year as the chairman of the House Financial Services Committee. It is expected that as early as next month, bills on guidelines for setting up stablecoins in the United States and establishing broad rules for the crypto market will be submitted to the House for a full vote.

On Tuesday, the U.S. House of Representatives voted to pass a motion to remove House Speaker Kevin McCarthy, making him the first House Speaker in U.S. history to be removed. The House will now need to elect a new Speaker, with Congressman Tom Emmer, who proposed the 'Blockchain Regulatory Certainty Act', also on the list of candidates.