U.S. Representative Tom Emmer, a Republican from Minnesota, has thrown his hat into the ring for the position of House Speaker. Emmer, who is known for his support of cryptocurrencies and his criticism of regulators, is one of nine candidates vying for the role. This includes Representative Byron Donalds from Florida and Representative Pete Sessions from Texas.
Emmer’s Support for Cryptocurrencies
Emmer has been actively involved in introducing bills related to cryptocurrencies in recent years. His proposals aimed to establish a new definition for tokens and prevent the Federal Reserve from issuing a central bank digital currency (CBDC). Emmer has also voiced his support for a comprehensive regulatory framework for cryptocurrencies and has been highly critical of the Securities and Exchange Commission (SEC) Chair Gary Gensler’s approach towards digital assets.
Other Candidates and their Stance on Crypto
Donalds and Sessions, two of the candidates for House Speaker, have also expressed support for crypto innovation. Donalds addressed the congressional inaction and strict SEC regulations inhibiting blockchain innovators from conducting business in the United States. Meanwhile, Representative Jim Jordan from Ohio and Representative Steve Scalise from Louisiana, who have previously attempted to secure the position, have also shown interest in the crypto sector.
Former House Speaker Kevin McCarthy, a Republican from California, reportedly nominated Emmer for the role. McCarthy, who himself was removed from the position earlier this month, advised Emmer to secure votes this week. The vote for House Speaker is expected to take place as early as Tuesday.
While Emmer’s bid for House Speaker demonstrates the growing influence of cryptocurrency supporters in politics, it remains to be seen how the selection will impact the advancement of crucial crypto-related bills in Congress. The House Financial Services Committee, led by crypto-friendly congressman Patrick McHenry, has scheduled hearings for the week, including one focusing on “Modernizing Financial Services Through Innovation and Competition” within the digital asset sector.
Lawmakers have also raised concerns about the use of cryptocurrencies by Hamas to raise funds for attacks on Israel. These discussions will be part of the hearings, along with topics such as Hamas and sanctions evasion, as well as Iran’s access to funds.
