The United States House of Representatives remains deadlocked as it selects a new House Speaker amid the ongoing FTX debacle. The 118th Congress awaits the appointment which, to date, may push back future committee hearings to resolve the FTX bankruptcy scandal.
The stalemate effectively halts the functionality of the legislative branch. Without the capability to appoint new representatives, lawmakers cannot pass new legislation.
The House Financial Services Committee was set to investigate FTX’s bankruptcy and subsequent collapse in December. The ongoing power vacuum prevents lawmakers from introducing critical bills to regulate cryptocurrencies and resolve the current crisis.
The news comes after legislators denied California Kevin McCarthy the coveted position after a 10th voting session, namely after Republicans gained a majority in the House Chamber.
Following the 2022 midterm elections, Congress has failed to appoint a replacement after a round of voting in an incident not seen since 1923.
Hakeem Jeffries, McCarthy’s Democratic opponent, has won 212 votes in multiple rounds, blocking the latter from earning a majority vote in the House of Representatives.
The unprecedented situation only leaves the Clerk of the House of Representatives, Cheryl Johnson, with minimal duties as Capitol Hill waits for a new Speaker. Despite this, the Senate remains functional and has begun swearing in leaders in early January.
