• A four-day, 15-ballot ordeal concluded with the election of a speaker for the United States House of Representatives.
• There is a bipartisan coalition in the House of Representatives to pass crypto legislation in 2023.
• Political gridlock could still prevent any sort of legislative consensus, making it difficult for the U.S. to raise its debt ceiling and fund the government later this year.
The election of a speaker for the United States House of Representatives concluded last week after four days and 15 ballots. The process left many questioning if political gridlock had become the new normal in the U.S., and if this would make it difficult to achieve any legislative consensus. Representative Ritchie Torres, a Democrat from New York, expressed his concerns, noting that the House of Representatives would be largely “ungovernable” in 2023. Despite this, there is a bipartisan coalition in the House that could pass crypto legislation in 2023.
This would be a welcome development in light of the potential consequences of political gridlock. For example, Congress could be unable to raise the debt ceiling and fund the government later this year, as concessions made by Republican Kevin McCarthy to secure his election as speaker could make it harder for any sort of legislative consensus. However, there are still extreme elements that could prevent any crypto legislation from passing, so it is important to remain cautiously optimistic.
Overall, the election of a speaker for the U.S. House of Representatives has raised questions about the effects of political gridlock on the possibility of crypto legislation in 2023. While there is a bipartisan coalition in the House that could pass crypto legislation, extreme elements could still thwart any sort of legislative consensus. It will be important to continue to monitor the situation in the coming months to see if any crypto legislation is passed.