McCarthy ousted, crypto-friendly McHenry to become speaker pro tempore

The official replacement of McCarthy remains unknown

article-image

Rep Kevin McCarthy | Consolidated News Photos/Shutterstock modified by Blockworks

share

Kevin McCarthy was ousted as house speaker in a vote held by the House of Representatives on Tuesday. 

The historic outcome marks the first time a vote was successful in ousting the current speaker. Rep. Matt Gaetz filed a motion to vacate in order to strip McCarthy of the post. 

McCarthy is a crypto-friendly Republican, he’s previously admitted that he likes bitcoin and supports the decentralization aspect for cryptocurrencies. Back in 2019 — prior to the collapse of FTX and lenders such as Celsius and BlockFi — he praised blockchain’s ability to revolutionize the security of the financial industry.

In his place, Rep. Patrick McHenry is to become speaker pro tempore. McHenry also has a past of being crypto-friendly, while also chairing committees overseeing digital asset bills.

Back in July, McHenry said that politicians on the Hill were going to take a “historic step for American innovation and consumer protection as we undertake the first ever legislative markup of digital asset legislation.”

He also has signaled support for the Grayscale ruling, as well as questioning the timing of the special purpose broker-dealer approval that Prometheum received.

Back in July, at the makeup session of the stablecoin bill McHenry said, ​​“I had hoped to announce an agreement with the ranking member on stablecoins legislation.” “This will not be the case. […] It was the White House’s unwillingness to compromise that has once again brought that negotiation to a halt.”

The markup was packed with drama, as it devolved into a shouting match, as previously reported by Blockworks

The official replacement of McCarthy remains unknown, with the House needing to elect a new speaker. Gaetz has publicly spoken in favor of House Majority Whip Tom Emmer.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

Pipe’s testnet has delivered 60+ PB of data across ~290,000 Point of Presence (PoP) nodes

article-image

375ai will hold TGE at the end of the month, CEO Harry Dewhirst told Blockworks

article-image

Block’s subsidiary adds direct Bitcoin integration and AI-powered ordering tools for small businesses seeking streamlined transactions

by Blockworks /
article-image

The deal integrates Dinero’s staking suite into Plume’s real-world asset platform as it gains SEC transfer agent status

by Blockworks /
article-image

The state’s decision opens staking access to New Yorkers, signaling a regulatory shift toward broader crypto participation

by Blockworks /
article-image

The startup says it aims to rival Stripe and Worldpay by using stablecoins to speed merchant settlements from days to seconds

by Blockworks /