In a surprising move, pro-Bitcoin US Congressman Tom Emmer has announced his intention to run for the position of Speaker of the House, the highest-ranking member of the House of Representatives. Emmer, who represents Minnesota’s 6th congressional district, is a vocal advocate for cryptocurrency and blockchain technology, and has sponsored several bills to promote innovation and regulatory clarity in the sector.
Emmer’s announcement comes amid growing uncertainty and division within the Republican Party, which currently holds a slim majority in the House. The current Speaker, Kevin McCarthy, has faced criticism from some of his colleagues for his handling of the January 6th Capitol riot and his relationship with former President Donald Trump.
Emmer, who is a member of the conservative Freedom Caucus, has expressed his support for Trump and his policies, but has also shown willingness to work across the aisle on issues such as infrastructure and cybersecurity.
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Emmer’s bid for the speakership is seen as a long shot by many political observers, as he faces competition from more senior and influential figures within the party, such as Steve Scalise, Liz Cheney, and Jim Jordan. However, Emmer has argued that he is the best candidate to unify the party and advance its agenda in the face of a hostile Democratic administration and Senate. He has also highlighted his leadership role in the National Republican Congressional Committee (NRCC), which is responsible for electing Republicans to the House.
One of Emmer’s main selling points is his vision for a more innovation-friendly and pro-growth economic policy, which includes embracing cryptocurrency and blockchain technology. Emmer has been one of the most active members of Congress in this field, co-chairing the Blockchain Caucus and introducing legislation such as the Blockchain Regulatory Certainty Act, the Safe Harbor for Taxpayers with Forked Assets Act, and the Securities Clarity Act. Emmer has also praised Bitcoin as a “decentralized” and “democratized” form of money that empowers individuals and challenges the status quo.
Emmer’s pro-Bitcoin stance has earned him the support and admiration of many prominent figures in the crypto industry, such as Jack Dorsey, Brian Armstrong, and Michael Saylor. Emmer has also received donations in Bitcoin and other cryptocurrencies from his supporters, making him one of the first federal candidates to do so. Emmer has stated that he believes that cryptocurrency is “the future of money” and that he wants to make the US “the global leader” in this field.
If elected as Speaker, Emmer would have significant influence over the legislative agenda and priorities of the House, as well as over committee assignments and rules. Emmer has indicated that he would use his position to advance pro-crypto legislation and to oppose any attempts by the Biden administration or the Securities and Exchange Commission (SEC) to impose excessive regulation or taxation on the industry. Emmer has also said that he would seek to educate his fellow lawmakers and the public about the benefits and potential of cryptocurrency and blockchain technology.
Emmer’s announcement has been met with mixed reactions from both sides of the political spectrum. Some have praised him for his boldness and vision, while others have questioned his qualifications and motives. Some have also expressed concern about his alignment with Trump and his views on other issues such as immigration, health care, and foreign policy. Emmer’s pro-Bitcoin stance has also drawn criticism from some environmentalists, who claim that Bitcoin mining consumes too much energy and contributes to climate change.
Emmer’s campaign for the speakership is expected to be an uphill battle, as he will need to secure the support of at least 218 members of the House, which is more than half of the total number. Emmer will also have to contend with possible challenges from other candidates within his party, as well as from the Democrats, who may try to influence the outcome by voting for or against certain candidates. The election for the speakership will take place after the midterm elections in November 2022, which will determine the composition of the House for the next two years.
Following the successful motion to vacate the speakership of Kevin McCarthy of California on October 3, 2023, the members of the U.S. House of Representatives began holding an intra-term election for speaker of the House on October 17. McCarthy had previously been elected on January 7, 2023, after fifteen rounds of voting in the January speakership election at the start of the 118th Congress.