According to a report from CoinDesk, Rep. Mike Johnson (R-Louisiana) has been re-elected as House Speaker after a vote by his fellow Republicans on Friday afternoon. Johnson, who has received public support from President-elect Donald Trump, was able to secure the minimum 218 votes needed to win the job in the first round of voting. However, he had to convince two of his fellow Republicans – Rep. Ralph Norman (R-South Carolina) and Rep. Keith Self (R-Texas) – to change their initial votes for other candidates to support him.
With Republicans holding a narrow majority in the House, Johnson could only afford to lose one vote, which he did to Rep. Thomas Massie (R-Kentucky). Massie had previously stated that he would rather endure torture than vote for Johnson. Instead, he voted for Rep. Tom Emmer (R-Minn.), the Majority Whip and a long-time supporter of the crypto industry. Emmer, in turn, voted for Johnson.
The voting process, which took place at the start of the 119th Congress, was completed in just 2.5 hours, a much quicker and more efficient process compared to the previous election in 2023 that first saw Johnson elected. While Johnson has not been vocal about crypto issues, he is considered to be a friend to the industry. He has previously voted in favor of the Financial Innovation and Technology for the 21st Century Act (FIT21) and an anti-central bank digital currency (CBDC) bill.
With Johnson’s re-election and Emmer’s continued position as Majority Whip, it is likely that crypto-friendly members of Congress will have a strong voice in pushing for crypto legislation in 2025.
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