Majority whip of the U.S. House of Representatives, Tom Emmer, has lambasted the Treasury Department’s recommendations for more control over crypto. He has also criticized CBDCs, calling them “surveillance tools.”
Emmer's Warning Against Treasury's Intervention
House Majority Whip Tom Emmer (R-Minn.) remains a vocal advocate for the crypto industry, taking a stand against recent attempts by the Treasury Department to tighten its grip on the crypto sector. As a member of the House Financial Services Committee, Rep. Emmer didn't mince words when expressing his concerns about the agency's intentions, criticizing its perceived savior-like complex during the Blockchain Association Policy Summit in Washington, D.C.
He said,
"I've always had this attitude — beware of the self-proclaimed savior that rides in on a white horse and tells you I'm here to protect you."
Emmer's Stance on CBDCs
Rep. Emmer has also pushed back on central bank digital currencies (CBDCs), countering Treasury Deputy Secretary Wally Adeyemo's call for increased oversight tools. Emmer, in a fireside chat with Marco Santori, chief legal officer for crypto exchange Kraken, didn't hold back, stating unequivocally,
"The central bank digital currency is nothing more than a surveillance tool. This is a very dangerous slope that we're going down."
Treasury's Recommendations
This week, the Treasury Department forwarded recommendations to lawmakers, proposing new sanctions tools and seeking to strengthen its control over dollar-based stablecoins. Deputy Secretary Adeyemo emphasized the need for stringent measures against "dollar-backed stablecoin providers" outside the U.S.
Emmer, however, pushed back against these recommendations, highlighting the Treasury's silence on inquiries about crypto's role in financing Hamas.
Emmer emphasized,
"They want to swallow this all up into the surveillance security state that they've created. We just can't let it happen. This is Congress's purview, not his.”
Sen. Cynthia Lummis' Moderate Approach
In contrast, Sen. Cynthia Lummis (R-Wyo.), a member of the Senate Banking Committee, took a measured stance during the Blockchain Policy Summit. When asked about the Treasury's proposal in a panel discussion, she stated,
"I'm going to be looking specifically at what they recommend with regard to mixers and tumblers to see if that's an area where we can sit down with Treasury."
As the battle between crypto advocates and regulatory forces intensifies, Rep. Emmer's unwavering stance against overreach and CBDCs is a significant voice in defense of the industry's autonomy. The evolving landscape of crypto regulation remains a contentious arena where every statement and action shapes the future contours of this burgeoning sector.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
