The new Speaker of the US House of Representatives, Mike Johnson, promised to advance the digital property law

U.S. Representative Mike Johnson has been elected by his Republican colleagues to serve as the 56th Speaker of the U.S. House of Representatives after three weeks of turmoil and three candidates.

In a crucial election on October 25, Representative Johnson secured the Speaker's seat with 220 votes, while his opponent, Representative Hakeem Jeffries (DNI), received 209 votes, making him the minority. The result followed McCarthy's unprecedented ouster earlier the same month and anointed former Speaker Kevin McCarthy (R-Calif.) as his successor.

Prior to Johnson's election, Representative Patrick McHenry assumed the role of interim speaker beginning October 3. McHenry took the role after the vote that led to the ouster of former Speaker Kevin McCarthy, setting the stage for further leadership changes. The house.

Johnson's nomination as Speaker of the House received unanimous support from the Republican Party on the House floor. This marks a major turning point, marking the end of a tumultuous and contentious period in the House GOP conference.

New House Speaker Mike Johnson's stance on cryptocurrencies remains uncertain amid leadership turmoil.

During this time, the conference faced McCarthy's removal, underwent four speaker candidate changes, and watched tensions mount before finally recommending Johnson as the new leader. Johnson's victory comes after two terms as vice chairman of the House Republican Conference, a pivotal moment in House leadership.

Unlike other candidates running for speaker, Representative Johnson's stance on cryptocurrencies has been less public. Having previously served on a subcommittee of the Judiciary Committee, he should have a proven track record in cryptocurrency-related matters.

According to @coinbase , the new nominee for House Speaker @RepMikeJohnson's feelings about crypto is “unclear” because he hasn't made any statements yet. pic.twitter.com/5CEKjNkctr

— yuga.eth 🛡 (@yugacohler) October 25, 2023

After the party struggled to identify a candidate who could garner enough votes, the nominee won support from key Republicans and ultra-conservative members favored by former President Donald Trump.

Many in the crypto space were hopeful that Representative Tom Emmer, an advocate for digital assets in Congress, would retain his role. However, Rep. Emmer's campaign ended in a matter of hours after former US President Donald Trump urged strong Republicans not to support him, leading to a shift in support for Rep. Johnson.

Johnson is widely recognized for his recent vote against the temporary budget extension that caused the government shutdown in September. Additionally, he drafted a legal brief supporting Texas' efforts to challenge the results of the 2020 presidential election.

Speaker Johnson's Appointment Clears the Way for Crypto Legislation Focus, Bipartisan Support for Israel Solution

As Rep. Johnson assumes the role of speaker, Rep. Patrick McHenry (R-N.C.) will return to the House Financial Services Committee, where Rep. Frances Hill has been leading the way in subcommittee hearings. The hearing, titled “Modernizing Financial Services Through Innovation and Competition,” focused on cryptocurrency-related regulations.

This shift should allow McHenry to focus more on the two crypto-related bills awaiting a floor vote. This focused on bills like the Financial Services Innovation Act and the Consumer Choice in Digital Payments Act, highlighting the importance of crypto-related regulatory discussions in the financial services sector.

However, before the Nov. 17 deadline, addressing more immediate priorities, such as funding the federal government, may take priority. As the year progresses, the window for Congress to address critical legislation in addition to essential funding measures becomes increasingly limited.

Meanwhile, representative Emmer, a famous advocate for the crypto industry in Congress, will continue his role as majority whip, which is the third-highest position in the leadership of the house.

A few hours after electing Johnson as Speaker, the House passed a bipartisan resolution supporting Israel. Lawmakers were eager to consider the bill after Hamas launched an unprecedented attack on Israel on October 7, but the House was unable to take up any legislative work due to impasse over the speaker.