Tom Emmer, one of crypto’s loudest voices in Congress, has ambitious plans for the industry, especially if Republicans gain control of all branches of the U.S. government after the November elections. But, Emmer isn’t banking solely on a political shift. He believes crypto regulation is coming either way.
Speaking at the Messari Mainnet conference in New York, Emmer made it clear that legislation for digital assets is inevitable. “Regardless of the outcome, I expect you to see digital asset legislation start to move in both bodies,” Emmer told Decrypt. “I think it is ‘when,’ not ‘if,’ regardless of who’s in charge.”
Bipartisan Momentum for Crypto Legislation
Emmer credits this push towards regulation to a significant change in Congress, where members from both sides are now warming up to crypto. Earlier this year, Senate Majority Leader Chuck Schumer and a chunk of Democrats joined Republicans to overturn an anti-crypto banking rule. Shortly after, 71 Democrats, including heavyweights like Nancy Pelosi, voted for FIT21, a major crypto market structure bill.
Even Maxine Waters, Emmer’s long-time rival on the House Financial Services Committee, has softened her stance. Once firmly against crypto-friendly bills, Waters recently acknowledged that “crypto is inevitable,” a statement Emmer described as “momentous.”
Crypto Becoming a Voting Issue
Why the shift? Emmer suggests it’s tied to electoral politics. He believes that younger voters are increasingly aligning with crypto issues, and politicians are starting to notice.
“They saw that there’s this voting bloc, age 18 to 40, and [for] maybe one out of five of them… this is the issue they’re going to be voting on,” Emmer explained.
Prioritizing Crypto Laws Under Republican Control
If Republicans seize control of the House, Senate, and White House in 2025, Emmer predicts faster progress on crypto legislation. His priority would be passing a few key bills: a market structure framework like FIT21, his bill outlawing a U.S. central bank digital currency (CBDC), and a stablecoin bill ensuring compliance with Treasury Department standards.
These laws, according to Emmer, would help American crypto firms move forward without the current fog of regulatory uncertainty hanging over them. But he cautioned against expanding government control too much. “Be careful what you wish for,” he said, referring to the idea of creating a new department solely to regulate crypto.
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