Patrick McHenry has been temporarily appointed as the Speaker of the US House of Representatives following Kevin McCarthy's removal

The sudden removal of Kevin McCarthy from the position of Speaker of the House of Representatives in the United States has caused turmoil in political circles, but it has also led to the appointment of an interim speaker, cryptocurrency advocate Patrick McHenry. This decision has piqued interest in the digital asset sphere, as the speaker plays a crucial role in legislative work and setting the agenda for the House of Representatives.

Patrick McHenry has long been known for his support of cryptocurrencies and blockchain technologies. His appointment as interim speaker after McCarthy's removal can be seen as a victory for the digital asset sector. As the temporary speaker, McHenry will control the House of Representatives' agenda, meaning that issues related to cryptocurrencies and blockchain may become more of a priority.

One of the key aspects of McHenry's actions is his criticism of the chairman of the Securities and Exchange Commission (SEC), Gary Gensler. In his testimony before Congress, McHenry expressed concerns that Gensler is seeking to restrict the development of the digital asset ecosystem. He also called on Gensler to provide information about the SEC's connections to the cryptocurrency exchange FTX and its former CEO, Sam Bankman-Fried.

Additionally, McHenry has published a discussion project known as the "Proposal on the Structure of the Digital Asset Market." The goal of this project is to create clarity in the regulation of digital assets and fill regulatory gaps in this area.

However, McHenry's tenure as Speaker of the House of Representatives is limited, and the official vote for a new speaker is scheduled for October 11th. This means that McHenry will temporarily hold this position, and the process of electing a new speaker is just beginning.

The removal of Kevin McCarthy from the position of speaker represents a historic moment, as no Speaker of the House of Representatives has ever been removed from office in this manner. This event has led to additional divisions within the Republican Party and has made the selection of a new speaker more challenging.

Thus, the appointment of Patrick McHenry as the temporary Speaker of the U.S. House of Representatives raises many questions and brings additional attention to the role of cryptocurrencies in American politics.