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Drama in U.S. Congress over Speaker of the House Leaves Crypto Legislation on Pause

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Today’s Cryptocurrency Headline

Prospects for a more permanent U.S. House speaker are not looking up, which could kick cryptocurrency legislation further down the road. The race between Rep. Steve Scalise, R-La., and Jim Jordan, R-Ohio, is tight, as House Republicans gather on Thursday to see if there could be enough votes for Scalise. “The general consensus from many folks that we’re talking to is that this does not seem like it’s going to get solved this week,” said Ron Hammond, director of government relations at the Blockchain Association. Rep. Patrick T. McHenry of North Carolina became temporary Speaker of the House last week after former Speaker Kevin McCarthy of California was ousted following a power struggle with a faction of lawmakers including Rep. Matt Gaetz of Florida. McHenry has been very friendly with the crypto industry and leads the House Financial Services Committee — a key panel for getting those bills across the finish line.


BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin is holding up admirably, especially when compared with gold, which has fallen by 5% since June, and Treasury Inflation-Protected (TIP) bonds, which have seen a 4.2% drop during the same period. Merely maintaining its position at $27,700, Bitcoin has outperformed two of the most secure assets in traditional finance. But in the case of the poor performance of the US stock market, it remains to be seen whether BTC can stand alone. If it can make small fluctuations around the MA30, BTC would be in a good position. The support level is at $26,400 and the resistance level is at $27,000.


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