Crypto Advocate Tom Emmer Nominated for Speaker of the House by Republicans
Crypto advocate Tom Emmer, currently serving as the majority whip, has been selected by Republican members of the United States House of Representatives as their nominee for the Speaker of the House in the upcoming election. Known for his staunch support of cryptocurrency, Emmer’s nomination could signal a pivotal shift in how digital currencies are viewed and regulated at the federal level.
After a closed-door session on October 24, Representative Emmer emerged as the Republican choice for the speaker role. This decision followed Representative Jim Jordan’s failure to secure sufficient votes for the speakership, and Representative Steve Scalise withdrawing from the race.
On October 3, members of the House of Representatives voted to declare the speaker’s seat vacant, effectively removing Representative Kevin McCarthy from the position.
Representative Patrick McHenry, another cryptocurrency proponent who chairs the House Financial Services Committee, has been serving as the temporary speaker. However, Republicans struggled to rally behind a single candidate, with Jordan failing to garner a majority of support in the House after three rounds of votes.
Emmer officially announced his intention to vie for the Speaker’s seat on October 20. During an interview at the Permissionless II conference in September, he portrayed himself as a tech-savvy legislator who views cryptocurrency as a bipartisan concern in Congress.
Ron Hammond, Director of Government Relations at the Blockchain Association, commented on Emmer’s appointment, stating, “Emmer brings a fresh perspective, a lot of energy with his personality. For the industry, it’s a great thing to have someone who understands these technologies.”
Emmer almost infamously criticized Gary Gensler in congress for attacking crypto:
In the absence of a Speaker of the House, the progression of cryptocurrency-related bills, recently approved by the Financial Services Committee and slated for a full floor vote, has come to a standstill.
The fate of key legislation, including the Financial Innovation and Technology for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Keep Your Coins Act, is currently in legislative limbo until the Republican Party can secure the support of 217 votes, depending on the number of lawmakers in attendance.
The uncertainty surrounding Representative Emmer’s chances of winning the speakership vote in the next day or two further complicates matters. The House has been unable to make any legislative progress in the absence of clear leadership. In the three previous rounds of voting, all Democrats present, numbering between 212 and 210, unanimously backed Representative Hakeem Jeffries, while approximately 20 Republicans cast their votes for candidates other than Jordan. Representative Emmer received only one vote in each of these three ballots.
