House Majority Whip Tom Emmer (R-MN), one of crypto's most prominent advocates in Congress, has big plans for the industry as Republicans take control of all branches of the federal government in November.
However, he also seems convinced that cryptocurrency regulation is coming to the United States, regardless of whether the election shakes out.
“Regardless of the outcome, I expect to see digital property legislation begin to move in both parties,” Emmer said. Decrypt at the Messrs. Maynett Conference in New York this week. “I think it's not ‘when' it's not ‘if', whoever is responsible.”
The third-ranking House Republican credits this favorable outlook to recent changes on both sides of Congress. This spring, a large number of Democrats, including the Senate Majority Leader Chuck Schumerjoined the Republicans to vote. Overturning Anti-crypto banking law. Days later, 71 Democrats, including Nancy Pelosi, voted to pass it FIT21key crypto market structure account.
Just last week, Emer's oldest opponent on the House Financial Services Committee, Maxine Waters (D-CA), said: Punchbowl News “Crypto is inevitable.” Water, for context, was firm. Opponent Bills like FIT21 just months ago.
“This is an important statement from Maxne,” Emer said.
Why have so many Democrats changed their tune on crypto this year? Emer thinks it comes down to electoral politics, and realizing that young voters may be voting with crypto in mind.
“They see there's this 18-to-40-year-old constituency. [for] Maybe one in five… this is the issue they will vote for,” the Congressman said.
While Emmer is now convinced that crypto legislation is more or less inevitable, he says that by 2025 the Republican “trifecta” of control of the House, Senate and White House will implement those laws faster than a Democratic-controlled government. It can.
The majority respondent said that if he were to work in such a dream state, he would prioritize three specific crypto-related bills to be passed into law: a market structure framework such as FIT21, his Mathematics U.S. central bank opposes digital currency creation (CBCC), and an account that facilitates creation A stable coin backed by the dollar Anywhere in the world as long as you meet certain criteria enforced by the US Treasury Department.
Emmer thinks these laws, if passed, will go a long way to creating a solid foundation for US crypto companies and projects to deal with regulatory uncertainty. But the congressman was outraged at the idea of going further than such legislation.
“I have a Republican Colleagues Who is in the Senate? [think] We need to create a new regulatory body to deal with crypto,” he said. “Be careful what you wish for. You don't want this.”
Edited by Andrew Hayward.
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