Mike Johnson, a Republican with a strong pro-crypto stance, has been re-elected as the Speaker of the US House of Representatives, bringing a fresh wave of enthusiasm to the cryptocurrency community. This comes at a time when there is uncertainty regarding the incoming Trump administration’s commitment to its pro-crypto agenda.
Mike Johnson Secures Speakership
As reported by Yahoo, the US House has completed the election for the new Speaker, marking the official beginning of the 119th US Congress. Initially, the speaker’s race seemed gridlocked. Republicans Keith Self, Ralph Norman, and Thomas Massie were not in favor of Mike Johnson, casting their votes elsewhere. However, Reps. Norman and Self eventually shifted their votes to Johnson, allowing him to garner the required 218 votes to secure more than 50%—thus clinching the position of Speaker.
Johnson’s win has been warmly welcomed in the digital asset space, given his past support for pro-crypto measures such as the CBDC Anti-Surveillance State Act and the Financial Innovation and Technology for 21st Century Act (FIT21). His triumph is particularly significant given that Hakeem Jeffries, who garnered 215 votes and opposes virtual asset legislation, was also in the running.
Ripple’s CEO, Brad Garlinghouse, expressed his excitement over Johnson’s victory, remarking, “Today, in the US, we welcome the 119th Congress—dubbed the most pro-crypto Congress in history. The journey is just beginning, but you can’t deny the energy and excitement already building across the industry. Let’s get to work.”
With Republicans in firm control of Congress, including the Speakership and a majority in both the House and Senate, it is anticipated that President-elect Trump will encounter minimal resistance in pushing his agenda, which is expected to feature more crypto-friendly policies.
Awaiting Trump’s Pro-Crypto Promises
As Trump’s inauguration nears, those in the digital asset community are keenly observing how the new Republican administration plans to meet its campaign promises. Trump’s strong endorsement of the crypto sector sparked optimism among investors after his November victory, fueled by expectations of a supportive US government over the coming years.
One of Trump’s standout pledges was to adopt Bitcoin as a strategic reserve asset. CryptoQuant CEO Ki Young Ju notes that while this could happen, it would likely require a significant economic threat to the US dollar, something not currently foreseen.
Meanwhile, SkyBridge Capital’s Anthony Scaramucci is optimistic about the new administration fulfilling its Bitcoin reserve promise, albeit suggesting a more modest target of 500,000 BTC as opposed to Senator Lummis’ ambitious 1,000,000 BTC suggestion.
Total digital asset market cap valued at $3.42 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
Featured image from Los Angeles Times, chart from Tradingview
