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.

recent research

Monad SR Report Graphic.png

Research

Monad is a new Layer 1 blockchain designed as a high performance, EVM-compatible platform.

article-image

Engineers from MetaMask, Coinbase, Google, and the Ethereum Foundation make the case for onchain AI agents via ERC-8004

article-image

Legacy payments firm partners with Anchorage Digital to issue a dollar-pegged token under new US stablecoin law

by Blockworks /
article-image

As Solana ETFs launch but network REV trends lower, Jito sits at the intersection of new capital inflows and microstructure improvements

article-image

The Truth Social parent will integrate Crypto.com Derivatives North America, allowing users to trade prediction contracts under federal oversight

by Blockworks /
article-image

Partnership surpasses $2 billion in staked assets and adds support for new Proof-of-Stake networks

by Blockworks /
article-image

The tokenization leader will merge with Cantor Equity Partners II, becoming the first public firm focused on securities tokenization

by Blockworks /