Rep. Mike Johnson (R-Louisiana) has been re-elected as House Speaker after a successful vote by his fellow Republicans on Friday. With the support of President-elect Donald Trump, Johnson secured the minimum 218 votes needed in the first round of voting, although he had to convince two of his colleagues – Rep. Ralph Norman (R-South Carolina) and Rep. Keith Self (R-Texas) – to change their initial votes in his favor.
The re-election of Johnson came as a relief to the Republican Party, as they only hold a narrow majority in the House. However, one dissenting vote came from Rep. Thomas Massie (R-Kentucky), who had previously expressed his reluctance to support Johnson. Despite Massie’s vote for Rep. Tom Emmer (R-Minn.), a strong advocate for the crypto industry, Emmer ultimately voted for Johnson, ensuring his re-election.
The voting process, which marked the beginning of the 119th Congress, was completed in just 2.5 hours, a much quicker turnaround compared to the previous election in October 2023 that initially saw Johnson appointed as House Speaker.
While Johnson has not been vocal about crypto-related issues, he is widely regarded as a supporter of the industry. He previously backed 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 continuing as Majority Whip, proponents of crypto legislation are likely to have a strong presence in Congress in 2025.
The re-election of Rep. Mike Johnson as House Speaker signifies a continuation of support for the crypto industry within the Republican Party, setting the stage for potential advancements in crypto-related legislation in the coming year.