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Cryptocurrencies are nonpartisan and here to stay
Speaking at Consensus 2024, Republican Majority Leader Tom Emmer shared his perspective on cryptocurrency regulatory efforts in Washington DC
After several bankruptcies and the collapse of FTX in 2022, cryptocurrencies have remained a hot topic among US politicians as industry stakeholders like Coinbase have lobbied for clear rules.
Regulators like the Securities and Exchange Commission (SEC) and senators appreciate this Elizabeth Warren of Massachusetts has taken an anti-crypto approach, cracking down on the industry and calling for stricter rules on digital asset operations.
On the surface, cryptocurrency seemed to be in an uphill battle, but the support and rapid adoption of blockchain has impacted discussions in Washington within both the Democratic and Republican parties.
According to Congressman and House Majority Whip Tom Emmer, the votes for the 21st Century Financial Technology and Innovation Act (IN SHAPE 21), and opposition to the SEC’s controversial Staff Accounting Bulletin 121 (SAT 121) has shown a bipartisan stance to safeguard US innovation and check the SEC’s unconstitutional advances against cryptocurrencies.
“He has gone far beyond the authority he has. He literally violates the mission of the SEC every day,” Emmer said, referring to the SEC chairman Gary Gensler.
The Republican majority has also hinted that Warren’s influence in the White House may be waning, paving the way for more neutral, merit-focused discussions about digital assets. According to Emmer, that of the White House declaration on FIT 21 he indicated a willingness to negotiate and find common ground on legislation ahead of the elections.
Timeline of cryptocurrency regulation
Emmer believes the election year could motivate rule-making, but stressed that nothing is certain. The congressman said FIT 21 remains subject to markups in the Senate and will likely return to the House for further hearings.
A anti-CBDC The bill is also on the agenda, as politicians have criticized the Federal Reserve for conducting a central bank digital currency pilot and development initiative without congressional approval.
Emmer believes that work on crypto bills will progress after the election and that digital asset voters could influence votes. The comments mirrored sentiments shared by CoinShares Chief Strategy Officer Meltem Demirors during the session Consent OG Survivors panel. Demirors said American politicians cannot ignore about 40 million voters invested in digital assets.