According to ChainCatcher news, the U.S. House of Representatives voted to remove the Speaker of the U.S. House of Representatives McCarthy, making McCarthy the first speaker of the House of Representatives to be dismissed in U.S. history. Patrick Mchenry, the crypto-friendly House Financial Services Committee chairman, has been named speaker pro tempore, and the House will then need to elect a new speaker, a position McCarthy could run for again.

Patrick Mchenry has been working on several cryptocurrency bills since last year. A bill that would create guardrails for U.S. stablecoins and another that would establish broad rules for the cryptocurrency market both received approval from the Financial Services Committee and are expected to come before the full vote as soon as next month.