Oct 19, 2023 - Economy

Patrick McHenry might be the House speaker that crypto needs

Dan Primack

Illustration of Patrick McHenry surrounded by falling golden crypto coins. — Photo illustration: Aïda Amer/Axios; Photo: Joe Raedle/Getty Images

The U.S. House of Representatives soon may move to make Rep. Patrick McHenry (R-N.C.) temporary speaker, following a series of failed GOP nominations. A vote could even come later on Thursday, if Rep. Jim Jordan (R-Ohio) loses for a third time.

Why it matters: Beyond stemming the D.C. dysfunction: Crypto and crypto investors don't have a lot of heroes right now, but one of them seems poised to become one of America's most powerful politicians.

McHenry has a lengthy history of interest in crypto and other financial technologies, including his sponsorship of legislation that would create a statutory framework for digital asset regulation (nicknamed the "McHenry Bill"). He'd now set the House's agenda.
Some crypto sources even believe he could serve as a House check on Sen. Elizabeth Warren (D-Mass.), a crypto skeptic who yesterday tied the asset class to money laundering by Hamas.
McHenry's most likely successor as chair of the House Financial Services Committee would be Rep. French Hill (R-Ark.), who's also largely supportive of crypto.

The bottom line: There's not much difference between an empowered temporary speaker and a permanent one, except that there are some questions as to whether McHenry would be third in line for the presidency or entitled to participate in certain intelligence briefings.

Go deeper: What to know about Patrick McHenry, temporary House speaker

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Patrick McHenry might be the House speaker that crypto needs

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