According to Cointelegraph, Republican members of the United States House of Representatives have nominated Tom Emmer, current majority whip and crypto proponent, as their candidate for the next Speaker of the House. This decision comes after Rep. Jim Jordan failed to secure enough votes to win the speakership and Rep. Steve Scalise dropped out of the race.
On October 3, U.S. lawmakers in the House of Representatives voted to declare the Speaker seat vacant, effectively removing Rep. Kevin McCarthy from the position. Rep. Patrick McHenry, a pro-crypto lawmaker who also chairs the House Financial Services Committee, has been acting as temporary Speaker with Republicans unable to unite behind one candidate.
Rep. Emmer announced his intention to seek the Speaker’s seat on October 20. In an interview with Cointelegraph during the Permissionless II conference in September, he branded himself as a technologically savvy lawmaker who saw crypto as a non-partisan issue in Congress. Ron Hammond, the Blockchain Association’s director of government relations, said, “For the industry, it’s a great thing to have someone who understands these technologies.”
Without a Speaker, the House of Representatives has effectively halted progress on crypto bills passed by the Financial Services Committee expected to head for a full floor vote. Until Republicans are able to secure 217 votes for one candidate, 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 are all legislatively on hold. It remains unclear if Rep. Emmer will have enough support to win as Speaker, with a vote expected in the next day or two.
