In recent years, Rep. Tom Emmer has increasingly promoted crypto interests — championing its companies, pushing industry-friendly proposals and chastising critics who in his view stand in the way of innovation.
The incoming House majority whip long has promoted cryptocurrency — championing its companies, pushing industry-friendly proposals and chastising critics who he says stand in the way of innovation
Along the way, Emmer has reaped big bucks from the industry and its top executives, including those from the since-collapsed company FTX. But his sharp deregulatory bent could carry greater significance next year, when Republicans are set to assume control of the House — just as some lawmakers say they hope to enact crypto regulations.
The chamber’s top financial services panel, soon to be led by Rep. Patrick T. McHenry , plans to create a special subcommittee devoted to the world of digital tokens, according to two people familiar with the matter who spoke on the condition of anonymity to discuss details not yet made public. And McHenry intends to resume bipartisan talks to regulate stablecoins, a small slice of the crypto ecosystem concerning digital tokens pegged to assets like the U.S. dollar.
“Regulation and legislation is necessary for this space, but it has to make sense for the technology,” McAdams said, noting that “otherwise Congress will regulate it offshore and out of the United States’ safe markets.” In Washington, Emmer has been quick to tout the industry’s benefits as a member of the House Financial Services Committee, a panel chiefly tasked to oversee banking and securities, including federal regulations. When his peers on the dais or at the witnesses table have aired a note of skepticism about cryptocurrency, Emmer often has been quick to counter with statements of support.
None of the measures saw a vote, but each of them received support from a wide array of crypto-funded organizations, including the Chamber of Digital Commerce, a lobbying group that includes major financial players like Binance, Circle and Ripple alongside smaller entities. Announcing the enforcement bill, Emmer’s office included an endorsement from the chamber’s president, Perianne Boring, who heralded the congressman and his co-sponsors for trying to create a “predictable legal environment.
Emmer even raised his concerns about the SEC in an exchange with Bankman-Fried, who now is facing international scrutiny. At a, the congressman said lawmakers needed to learn from FTX and others about the “great opportunities” posed by crypto — then appeared to fault the watchdog agency for raising regulatory hurdles. That included its efforts to prevent some exchanges from offering more complicated financial products, including funds tracking crypto spot prices.
In total, crypto-tied donors also spent at least $73 million on all federal candidates last election cycle, OpenSecrets found. And Emmer personally collected more than $78,000 in donations from the industry executives, employees and political action committees over the 2022 cycle, according to OpenSecrets, which examined the data through the end of October.
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