The ongoing lack of a Speaker for the House of Representatives may lead to indefinite delays in addressing fraud allegations at FTX or passing legislation related to cryptocurrencies.
As of January 4, the United States House of Representatives has not yet elected a Speaker for the 118th Congress, leading to a standstill in the House’s process and the possibility of delays in committee hearings.
This lack of leadership in the House, which is second in line of presidential succession, has led to the inability to swear in new lawmakers, adopt rules to govern the chamber, and move forward with committee assignments and legislation.
The House Financial Services Committee, which has jurisdiction over economic stabilization and issues related to money and credit, had previously held a hearing in December to explore the collapse of cryptocurrency exchange FTX.
However, with the ongoing impasse in the House, efforts to address fraud allegations at FTX or pass legislation to provide regulatory clarity for crypto firms may be delayed indefinitely.
Representative Patrick McHenry, the next chair of the House Financial Services Committee, had previously said that the committee planned to hold another hearing on the collapse of FTX sometime in 2023.