Pro-Crypto Legislator Tom Emmer Completes Hours-Long Speaker’s Campaign: Report
Current Majority Whip and crypto supporter Tom Emer has reportedly dropped his bid to become the next speaker of the US House of Representatives – second in line to the US presidency.
On October 24th, according to multiple reports from major news outlets, Rep. Emmer failed to get the 217 Republican votes necessary to win on the House floor and ended the Speakership. two. The Minnesota congressman won the Republican vote for speaker in the Oct. 24 primary, opening the race for the seat once again to multiple candidates.
Rep. Emmer was the third speaker to drop out of the bid after losing Republican support. After US lawmakers voted to impeach former House Speaker Kevin McCarthy on October 3, Reps. Jim Jordan and Steve Scalise both tried, but ultimately failed, to win enough votes to win the Speakership. Representative Patrick McHenry is serving as interim speaker.
Emmer, a well-known crypto supporter in the space, spoke about financial privacy concerns regarding central bank digital currencies (CBCCs) and the non-partisan nature of regulating digital assets. Cointelegraph reached out to Emmer's office following his nomination, but did not receive a response at the time of publication.
Following Emer's Republican nomination, former US President Donald Trump's endorsement of the Minnesota congressman was a “tragic mistake,” his Twitter followers told The Truth. It comes after former President Emmer expressed his desire to continue a “strong working relationship” with Trump if he wins the speakership.
Related: Crypto Adoption Crosses Party Lines Amid Washington Political Controversy
At the time of publication, it was unclear who Republicans planned to nominate for speaker. Since October 3, the House of Representatives has been paralyzed by legislation on crypto bills passed by the Financial Services Committee, including the Financial Innovation and Technology for the 21st Century, the Blockchain Regulatory Verification Act, the Payment Transparency Stablecoins Act and the Hold Your Coins Act.
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