Rep. Mike Johnson (R-Louisiana) has successfully retained his position as House Speaker after a vote among fellow Republicans on Friday afternoon. Johnson garnered the necessary 218 votes, aided by support from President-elect Donald Trump.

He had to convince two Republican colleagues, Representatives Ralph Norman and Keith Self, to shift their votes from other candidates to him, crucially maintaining the slim majority.

Johnson could only afford one dissenting vote, which came from Rep. Thomas Massie (R-Kentucky), who openly stated he would rather 'withstand torture' than support Johnson's candidacy. Instead, Massie opted for Rep. Tom Emmer, a known ally in the crypto space.

The voting procedure for this election was significantly quicker than the previous one in October 2023, completing in just 2.5 hours as part of the 119th Congress's initial agenda.

Although not vocally active on cryptocurrency issues, Johnson is regarded as a supporter of the crypto industry. His previous endorsements include the Financial Innovation and Technology for the 21st Century Act (FIT21) and a bill against central bank digital currencies (CBDCs).

Johnson's re-election and Emmer's continued role as Majority Whip indicate a favorable environment for cryptocurrency-friendly legislation moving into 2025.