Republican member and pro-crypto politician Mike Johnson has been re-elected as the speaker of the US House of Representatives sending a wave of excitement across the crypto community. This positive development comes amidst growing doubts over the incoming Donald Trump administration’s willingness to fulfill the President-elect’s crypto manifesto.
Mike Johnson Wins 218-215 Against Anti-Crypto Rep
According to a recent report by media outlet Yahoo, the US House has now concluded the election process of a new Speaker officially opening the 119th US Congress.
The race for speakership was originally headed for a deadlock after Republican members Keith Self, Ralph Norman, and Thomas Massie opposed Mike Johnson’s bid to retain the gavel by voting for other candidates. However, Reps. Norman and Keith eventually switched their votes granting Johnson the needed 218 votes i.e over 50%, to emerge as speaker.
Mike Johnson’s victory has been widely received with appreciation in the digital asset community as the re-elected speaker has previously supported pro-crypto policies voting in favor of the CBDC Anti-Surveillance State Act and the Financial Innovation and Technology for 21st Century Act (FIT21).
The Republican’s victory rings louder considering Democrat candidate Hakeem Jeffries who emerged with 215 votes was against both virtual asset legislations.
Commenting on Johnson’s victory, Ripple’s CEO Brad Garlinghouse has voiced much delight.
Garlinghouse said:
Today, here in the US, we welcomed the 119th Congress—better known as the most pro-crypto Congress in history. The journey is just beginning, but you can’t deny the energy & excitement already building across the industry. Let’s get to work.
With the Republicans holding full control of the US Congress including the Speakership and majority seat holders in the House and Senate, it is expected that President-elect Trump will face minimal opposition in advancing his administration’s agenda which supposedly includes more favorable crypto policies.
Crypto Community Waits On Trump
With the inauguration of Donald Trump drawing closer, members of the digital asset community continue to comment on the Republican administration’s commitment to fulfill the promises made during the electoral campaign.
Trump’s loud support for the crypto industry resulted in heightened optimism among investors following the Billionaire’s victory in November. This has been attributed to high expectations of the pro-crypto US government over the next four years.
One of Trump’s major promises is the adoption of Bitcoin as a strategic reserve asset. CryptoQuant CEO Ki Young Ju has described this idea as a possible situation only in the presence of an economic threat to the US dollar that is currently absent.
However, SkyBridge Capital Founder Anthony Scaramucci has backed the incoming administration to fulfill this promise of a Bitcoin reserve although hinting at the acquisition of 500,000 BTC rather than Senator Lummis ‘ proposed 1,000,000 BTC.
Featured image from Los Angeles Times, chart from Tradingview
