U.S. House Welcomes Speaker Mike Johnson Amid Hectic Leadership Shifts

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.