Representative Tom Emmer, a staunch advocate for cryptocurrency and digital asset innovation, has thrown his hat into the ring to become the next speaker of the United States House of Representatives.
This move, announced on October 20, has garnered support from various lawmakers, potentially signalling a new era of crypto-friendliness in the highest echelons of American legislative power.
The ongoing interim speaker, Representative Patrick McHenry, assumed the role following the first round of voting on October 17. McHenry temporarily stepped in after the Republican Party’s nominee for speaker, Jim Jordan, failed to secure the necessary votes to take up the mantle.
Emmer, who currently holds the position of No. 3 House Republican, has swiftly emerged as the frontrunner in the race for the coveted role of House Speaker. Furthermore, his reputation as a crypto advocate has resonated within the crypto community, raising hopes for more favourable legislative developments in the digital asset space.
Emmer’s stance on digital assets has been unwavering. He has consistently pushed back against the regulatory overreach by the U.S. Securities and Exchange Commission (SEC) and its Chair, Gary Gensler. Earlier this week, the lawmaker emphasized the need for America to embrace digital assets, describing them as a key sector in tackling the country’s ballooning debt crisis.
“Whether it’s across MN or across the country, GOPMajorityWhip Emmer has the trust and respect necessary to lead. Proud to support him for Speaker. Representative Brad Finstad, a vocal advocate for Emmer, tweeted on Saturday.
Another notable endorsement for Emmer comes from Representative Kevin McCarthy, who himself was recently ousted from the speaker role on October 4. In a statement, the lawmaker threw his weight behind Emmer, stating, “He is the right person for the job. He can unite the conference. He understands the dynamics of the conference. He also understands what it takes to win and keep a majority.”
That said, Emmer’s bid for House Speaker represents a significant moment in the crypto industry’s quest for regulatory clarity and support within the United States. According to Ryan Selkis, the founder of cryptocurrency research firm MessariCrypto, having crypto allies like Emmer “could play a vital role in protecting the crypto industry in the U.S.”
In a recent tweet, Selkis underscored the pressing need for this support, particularly in light of Senator Elizabeth Warren’s forthcoming proposal to introduce an anti-crypto bill within an upcoming omnibus package later this year.