Rep. Mike Johnson (R-Louisiana) has secured his position as House Speaker for another term after being re-elected by his fellow Republicans. The voting process, which took place at the beginning of the 119th Congress, was swift and efficient, with Johnson managing to secure the minimum 218 votes needed to win the job in the first round of voting.
Despite facing a razor-thin margin of control in the House, Johnson was able to convince two of his fellow Republicans, Rep. Ralph Norman (R-South Carolina) and Rep. Keith Self (R-Texas), to change their votes in his favor. However, one Republican, Rep. Thomas Massie (R-Kentucky), voted against Johnson, opting to support Rep. Tom Emmer (R-Minn.), the Majority Whip and a strong advocate for the crypto industry. Fortunately for Johnson, Emmer ultimately voted for him, solidifying his re-election.
While Johnson has not been particularly vocal about crypto issues, he is widely regarded as a friend to the industry. He has previously supported legislation such as the Financial Innovation and Technology for the 21st Century Act (FIT21) and an anti-central bank digital currency (CBDC) bill. With Johnson retaining his position as House Speaker and Emmer remaining as Majority Whip, it is likely that crypto-friendly members of Congress will be well-positioned to advance crypto legislation in 2025.
Overall, Johnson’s re-election signals continuity in leadership and potentially bodes well for the future of the crypto industry in Congress. With key figures like Johnson and Emmer in positions of influence, the crypto community can look forward to continued support and advocacy within the legislative landscape.