The lack of a Speaker for the House of Representatives may result in indefinite delays in addressing fraud allegations at FTX or passing legislation related to cryptocurrencies.
The United States House of Representatives has not yet elected a Speaker for the 118th Congress, causing a standstill in the House’s process and the possibility of delays in committee hearings.
The lack of leadership in the House, which is second in line of presidential succession, has also prevented the swearing in of new lawmakers, the adoption of rules to govern the chamber, and the advancement of committee assignments and legislation.
The House Financial Services Committee, which has jurisdiction over economic stabilization and issues related to money and credit, held a hearing in December to explore the collapse of cryptocurrency exchange FTX.
However, the ongoing impasse in the House may delay efforts to address fraud allegations at FTX or pass legislation to provide regulatory clarity for crypto firms.
Representative Patrick McHenry, the next chair of the House Financial Services Committee, previously said that the committee planned to hold another hearing on the collapse of FTX in 2023.