Rep. Tom Emmer’s reported bid for a higher role within the House leadership might signal an advantageous turn for cryptocurrency legislation. Following the recent and dramatic departure of former Speaker Kevin McCarthy, R-Calif., the Minnesota Republican and Majority Whip is now rumored to be eyeing either the esteemed position of House Majority Leader or even ascending to the pinnacle as Speaker.
Emmer’s advocacy for digital assets
Emmer’s potential rise in leadership can have profound implications for the cryptocurrency sector. His track record reveals a legislator dedicated to clarifying the nebulous space of digital assets. For instance, Emmer championed the Securities Clarity Act, aiming to better define tokens teetering between commodities and securities.
Additionally, the Representative has been vocal in his opposition to central bank digital currencies, even introducing a bill last month to halt the Federal Reserve from issuing a CBDC directly to individuals.
Moreover, Emmer’s recent critiques of Securities and Exchange Commission Chair, Gary Gensler, highlight his active engagement with the intricacies of digital asset regulation. He has openly voiced concerns over the SEC’s reluctance to permit listing a spot bitcoin exchange-traded fund.
Beyond individual bills, Emmer’s support extends to a more comprehensive legislative proposal aiming to structure a cohesive regulatory framework for cryptocurrencies. This bill, championed by Rep. Patrick T. McHenry, R-N.C., made notable progress when it advanced through the House Financial Services Committee in July. Emmer’s membership in this committee and his rapport with its leader, McHenry, suggest a robust collaboration in the future.
As Ron Hammond, the director of government relations at the Blockchain Association, pointed out, their strong professional relationship means Emmer is likely to prioritize any crypto-related requests coming from McHenry.
McHenry still at the helm
Despite Emmer’s evident dedication to the cause, the spotlight remains on Rep. Patrick T. McHenry. After temporarily assuming the position of Speaker of the House, McHenry’s primary focus has been on advancing two pivotal crypto bills for a full House vote.
However, this role could inadvertently delay the progression of these bills as the House grapples with the selection of its next Speaker. An internal Republican party discussion is anticipated on Oct. 10, potentially culminating in a general floor vote the following day. Consequently, Hammond emphasized that McHenry is still the central figure determining the fate of crypto legislation in the House.
