The recent announcement by Rep. Tom Emmer (R-MN) that he will seek the position of House Majority leader or Chair has sparked some optimism among crypto enthusiasts. Emmer, who is the co-chair of the Congressional Blockchain Caucus and a vocal supporter of digital assets, could use his influence to advance pro-crypto legislation and educate his fellow lawmakers on the benefits of innovation.
The Minnesota Republican and Majority Whip is reportedly vying for House Majority Leader or to the top position as Speaker, after the dramatic ousting of former Speaker Kevin McCarthy, R-Calif., earlier in the week. That could be good for crypto as more seniority could mean a push to get crypto legislation across the finish line.
“We are always excited to see any champion of the digital asset space advance and we look forward to seeing what this means for the future of our industry,” said Perianne Boring, CEO and founder of the Chamber of Digital Commerce. “Rep. Emmer has been a key collaborator for us, and we appreciate his hard work to foster innovation for digital assets and blockchain technologies.”
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Emmer has introduced legislation in the past few years, including the Securities Clarity Act, which would create a new definition for tokens that exist in the in-between of commodity and security. Emmer has also been staunchly against central bank digital currencies and introduced a bill last month to prohibit the Federal Reserve from issuing a CBDC directly to individuals.
Emmer has also been critical on Securities and Exchange Commission Chair Gary Gensler, calling him an “impartial regulator” and taking a “regulation by harassment approach” toward digital assets during a hearing last week. Emmer criticized the agency recently as well for not yet allowing the listing of a spot bitcoin exchange-traded fund.
As the Conference Chair, Emmer would be responsible for crafting and communicating the GOP’s message and agenda in the House. He would also have a seat at the leadership table, where he could advocate for crypto-friendly policies and push back against any attempts to stifle or overregulate the industry. Emmer has already shown his commitment to protecting and promoting crypto in Congress, by introducing bills such as the Blockchain Regulatory Certainty Act and the Safe Harbor for Taxpayers with Forked Assets Act, as well as co-sponsoring the Eliminate Barriers to Innovation Act and the Securities Clarity Act.
Emmer’s bid for the Conference Chair comes after Rep. Liz Cheney (R-WY) was ousted from the role by her colleagues, who accused her of being out of touch with the party’s base and priorities. Emmer faces competition from Rep. Elise Stefanik (R-NY), who has the backing of former President Donald Trump and House Minority Leader Kevin McCarthy (R-CA). Stefanik’s stance on crypto is unclear, but she has not been as vocal or active as Emmer on the issue. Emmer has said that he respects Stefanik and considers her a friend, but that he believes he is the best person for the job.
If Emmer succeeds in becoming the House Majority leader, it could be a positive development for the crypto industry, which has faced increasing scrutiny and uncertainty from regulators and lawmakers in recent months. Emmer could help shape a more favorable environment for innovation and adoption, by raising awareness, building consensus, and advancing legislation that supports crypto’s growth and development. He could also counter some of the misinformation and fearmongering that often surrounds crypto, by highlighting its potential to create jobs, enhance financial inclusion, and foster economic freedom.