Crypto legislation is on hold in the land of government as the US looks for a new House Speaker.
However, with no leadership elected to the House — the second in line of U.S. presidential succession, no less — efforts to address fraud allegations at FTX or move on legislation offering regulatory clarity for crypto firms may be delayed indefinitely.
After five rounds of voting for a Speaker, Democratic Representative Hakeem Jeffries has consistently won 212 votes, while McCarthy’s total of 200-odd votes has failed to gain a majority among voting members of the House. For every round, roughly 19-20 Republicans have voted for Ohio Representative Jim Jordan or other candidates.In a sense, the office of the Clerk of the House of Representatives was one of the only people authorized to preside over the chamber without an elected Speaker.
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