In a historic vote Tuesday, the U.S. House of Representatives voted to impeach Rep. Kevin McCarthy.
The impeachment motion passed by a vote of 216-210, with eight Republicans voting to remove McCarthy as speaker.
Thus, for the first time, a Speaker of the Parliament was dismissed by the adoption of a resolution for his dismissal. The House will now need to elect a new president, but there is no clear alternative that would have the support to win the job.
Republican Rep. Patrick McHenry of North Carolina will take the House Speaker's vacancy on Tuesday. McHenry, one of Kevin McCarthy's top allies, was appointed interim president. McHenry's name was on the list McCarthy was required to give to the clerk in the event of a seat vacancy.
McHenry has previously made pro-Bitcoin and cryptocurrency statements and is recognized by Coinbase as a staunch cryptocurrency supporter.
McHenry has previously made pro-cryptocurrency statements. McHenry had voted “yes” on the Financial Innovation and Technology for the 21st Century Act during the vote on July 26, 2023. He also criticized SEC Chairman Gary Gensler for refusing to publicly disclose whether Ethereum is a security or a commodity.
McHenry had expressed concern about what he described as the Biden Administration's attacks on the digital asset ecosystem and called on Congress to fully understand and embrace innovative new technologies such as crypto.
*This is not investment advice.
