Crypto supporter and United States Senator Tom Emmer, has been reported to be actively reaching out to secure a nomination for the role of speaker, a move that could greatly benefit the cryptocurrency industry if he is elected to the position.
Crypto-Friendly Emmer for Speaker?
On October 20, NBC News correspondent Jake Sherman, in an X post highlighted Senator Emmer’s endeavor. In this announcement, it was revealed that Emmer had conveyed his intention to seek the nomination for the role of Speaker to the House Republican Conference. The senator, known for his crypto-friendly stance, has garnered support from numerous fellow lawmakers.
Sherman wrote: “The Minnesotan is currently the No. 3 House Republican. He’ll immediately become the frontrunner in this race.”
Patrick McHenry Maintains Interim Stewardship
Moreover, representative Patrick McHenry maintains his interim stewardship of the position after the initial balloting on October 17. Jim Jordan, the Republican Party’s chosen nominee for the role of Speaker, fell short in garnering the requisite support to assume the position.
Crypto and the US
With McHenry as the interim Speaker, the House can’t advance legislation, leading to a standstill on bills related to cryptocurrencies. Electing a new Speaker is crucial as Emmer’s potential appointment could be backed by the crypto community.
The Senator is notable for openly expressing his opinions, and he has consistently highlighted the SEC’s disordered, inconsistent, and unpredictable approach to regulation of crypto assets.
Support for Emmer
On October 20, Representative Brad Finstad issued a statement supporting Emmer’s candidacy for the role of Speaker. He states: “From the day that I arrived in Congress, it has been a privilege to work alongside Tom, and I have come to truly appreciate him as a mentor and as a friend.”
Former Speaker Kevin McCarthy, a fellow Republican, has also endorsed Emmer’s bid for the position.
Emmer gained attention when he reintroduced a bill aimed at preventing “unelected bureaucrats in Washington” from developing a central bank digital currency (CBDC).
He criticized Gary Gensler, the head of the U.S. SEC, for his cryptocurrency regulatory stance, characterizing him as a “bad faith regulator.”