News - Drama in US House of Representatives delays crypto regulation.

By Mike Hesp

Drama in US House of Representatives delays crypto regulation.

USA
Laws and regulations

Since McCarthy's departure, the House of Representatives no longer has the ability to do anything about crypto-regulation either. The end is not yet in sight.

Since the ousting of the previous Speaker, Kevin McCarthy, the U.S. House of Representatives has been without a Speaker and thus unable to act.

Currently, crypto-savvy Republican Patrick McHenry of North Carolina holds the office on an interim basis, but without an elected Speaker, the House of Representatives cannot make decisions.

McHenry had initiated just two crypto bills in July as chairman of the United States House Committee on Financial Services, whose passage is likely to be delayed by the current situation in the U.S. Congress.

One is a bill to regulate stablecoins, the other is a comprehensive framework law for the crypto sector in the US, not much different than MiCA.

It is true that the Republicans were surprisingly quick to agree internally on a candidate: Steve Scalise, an arch-conservative politician from Louisiana, won the election by 113 votes to 99. It took 111.

Now, however, a vote must be taken in the House of Representatives, where the Republicans currently hold 221 seats. That gives them a majority - it takes 217 to elect a candidate - but Scalise has many critics within the party. Among others, the hardliners around Matt Gaetz and Co. do not think the politician is conservative enough. Therefore, a quick election is not to be expected. As a reminder, previous speaker McCarthy was not elected until the 15th round.

Even if, against all odds, Scalise is quickly confirmed as chairman of the Senate chamber, it will first have more important issues to discuss than cryptocurrency regulation: On the one hand, the House of Representatives must decide on new aid for Ukraine, and on the other, it must decide on support for Israel in the fight against Hamas.

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