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After weeks of political upheaval and three unsuccessful candidates, U.S. Representative Mike Johnson has been named the 56th Speaker of the US House of Representatives, as chosen by his Republican colleagues.

On October 25, in a significant election, Representative Johnson clinched the Speaker’s post with 220 votes, surpassing his contender, Representative Hakeem Jeffries (D-N.Y.), who secured 209 votes. This confirmed Johnson’s succession to ex-Speaker Kevin McCarthy (R-Calif.), who faced an unexpected exit earlier that month.

Before Johnson’s ascendancy, Representative Patrick McHenry had briefly served as the interim speaker since October 3. McHenry’s temporary position followed a vote that led to McCarthy’s dismissal, paving the way for ensuing leadership alterations in the House.

The House floor saw unanimous Republican backing for Johnson’s election, marking an end to a period riddled with intra-party strife.

During this tumultuous phase, the GOP conference witnessed McCarthy’s ouster, multiple Speaker nominee turnovers, and rising internal disagreements, finally uniting behind Johnson. Johnson, who previously served two terms as the vice chair of the House Republican Conference, brings a significant shift in the House’s leadership dynamics.

Johnson’s views on cryptocurrencies remain somewhat ambiguous. Despite overseeing a subcommittee within the Judiciary Committee, his documented opinions on crypto topics are sparse.

His candidacy attracted a diverse range of Republican supporters, from mainstream members to those endorsed by ex-President Donald Trump. Many initially hoped for Representative Tom Emmer, a crypto advocate, to clinch the position. Yet, Emmer’s candidacy met a swift end after an advisory from former U.S. President Donald Trump urging conservative Republicans to withhold their support, pushing momentum towards Johnson.

Johnson is noted for his recent decision to vote against a provisional budget extension, preventing a potential government shutdown in September. He also penned a legal brief backing Texas’s move to contest the 2020 presidential election results.

With Johnson at the helm, Representative Patrick McHenry (R-N.C.) will rejoin the House Financial Services Committee. Here, under Representative French Hill’s guidance, a subcommittee hearing titled “Modernizing Financial Services Through Innovation and Competition” centered on crypto legislative matters.

With McHenry back, there’s an expectation of intensified focus on pending crypto-related bills like the Financial Services Innovation Act and the Examining Consumer Choice in Digital Payments Act. However, pressing matters like federal government funding, which is set to run out on November 17, are expected to dominate the agenda.

Representative Emmer, known for his crypto advocacy in Congress, retains his majority whip position, the third-ranking role in House leadership.

In the hours post-Johnson’s election as Speaker, the House proposed a bipartisan resolution supporting Israel. This initiative came in response to Hamas’s attack on Israel earlier in October, but legislative procedures had been stalled due to the Speaker’s deadlock.