REP Mike Johnson (R-Louisiana) will be able to KEEP the big gavel after his Republican colleagues voted to re-elect him as Speaker of the House Friday afternoon.
Johnson, who was publicly endorsed by President-elect Donald Trump, was able to garner the minimum 218 votes needed to win the position on the first ballot, although he had to persuade two of his Republican colleagues – REP Ralph Norman (R-South Carolina) and Rep. Keith Self (R-Texas) – who had originally voted for other candidates to change their vote in his favor.
With Republicans only having a razor-thin margin of control in the House, Johnson couldn’t afford to lose ONE vote – which he did, to REP Thomas Massie (R-Kentucky). Massie’s “no” vote was not a surprise; He previously told former Rep. Matt Gaetz that he would literally stand up to torture before voting for Johnson. Instead, Massie voted for Rep. Tom Emmer (R-Minn.), the majority leader and a longtime supporter of the crypto industry. Emmer voted for Johnson.
Friday’s voting process – the first item on the agenda at the start of the 119th Congress – lasted just 2.5 hours in total, a much faster and streamlined process than the previous election in October 2023 which I saw Johnson elected for the first time.
Although Johnson is not very outspoken on matters of Crypto, he is widely considered a friend of the industry. He has already voted for the Financial Innovation and Technologies for the 21st Century Act (more commonly known as FIT21) and a bill against central bank digital currency (CBDC).
Johnson’s re-election – and Emmer’s retention as majority leader – means pro-crypto members of Congress are likely well-positioned to advance crypto legislation in 2025.
