US Congress investigations into FTX are in limbo without a House Speaker

1 year ago 96

With nary enactment elected to the House of Representatives, efforts to code fraud allegations astatine FTX oregon legislate crypto whitethorn beryllium delayed indefinitely.

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US Congress investigations into FTX are successful  limbo without a House Speaker

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At the clip of publication, the United States House of Representatives was astatine a historical standstill successful its process of choosing a Speaker for the 118th Congress — a quagmire that could pb to lawmakers delaying committee hearings.

As of Jan. 4, California Representative Kevin McCarthy lost the 5th circular of votes to go the adjacent Speaker of the House pursuing Republicans taking bulk power of the enclosure successful the 2022 midterm elections. This marked a uncommon occurrence — lone 15 times successful the full history of Congress since 1789 — erstwhile much than 1 circular of voting was required to find a Speaker, and there’s nary extremity successful sight.

Without a Speaker elected by the bulk of members voting for a campaigner successful the House, the authorities assemblage efficaciously cannot function. New lawmakers cannot beryllium sworn in, the House cannot follow rules to find however the enclosure volition run, and committee assignments and authorities won’t determination forward. The past clip this occurred was successful 1923, erstwhile determination were 9 rounds of voting earlier deciding connected a Speaker.

In December, the House Financial Services Committee convened a hearing to research the illness of cryptocurrency speech FTX. The committee’s jurisdiction includes economical stabilization arsenic good arsenic issues surrounding wealth and recognition — apt contributing to its enactment introducing bills connected crypto and the assemblage conducting hearings related to integer plus regulation.

However, with nary enactment elected to the House — the 2nd successful enactment of U.S. statesmanlike succession, nary little — efforts to code fraud allegations astatine FTX oregon determination connected authorities offering regulatory clarity for crypto firms whitethorn beryllium delayed indefinitely. After 5 rounds of voting for a Speaker, Democratic Representative Hakeem Jeffries has consistently won 212 votes, portion McCarthy’s full of 200-odd votes has failed to summation a bulk among voting members of the House. For each round, astir 19-20 Republicans person voted for Ohio Representative Jim Jordan oregon different candidates.

Source: The New York Times

In a sense, the bureau of the Clerk of the House of Representatives was 1 of the lone radical authorized to preside implicit the enclosure without an elected Speaker. However, this volition beryllium improbable to effect successful immoderate argumentation decisions, arsenic House Clerk Cheryl Johnson’s duties are mostly administrative. The full concern is mostly without precedent.

Related: 100 crypto lobbyists hole for the combat of their lives arsenic Congress resumes

Representative Patrick McHenry, the adjacent chair of the House Financial Services Committee, said successful December that the assemblage planned to clasp different proceeding connected the illness of FTX sometime successful 2023. The U.S. Senate, not overshadowed by the aforesaid divisions arsenic the House, began swearing successful lawmakers connected Jan. 3.

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