By Susie Violet Ward · Forbes · 4 October 2023
In October 2023, after Kevin McCarthy became the first Speaker of the US House of Representatives to be removed, Patrick McHenry, chair of the House Financial Services Committee and a supporter of bitcoin, took over as interim Speaker while Republicans sought a permanent replacement. The role gave him influence over the legislative agenda, and two bills on stablecoins and wider crypto market rules that had passed his committee were expected to reach floor votes, although they would still need to pass a more sceptical Senate.
McHenry had criticised the SEC’s approach of regulating through enforcement and had challenged its then Chair, Gary Gensler, at a hearing. The article notes that a possible government shutdown and the SEC’s delays on spot bitcoin ETFs added urgency, and that a vote for a new Speaker was scheduled for 11 October.