News
Tom Emmer criticizes Elizabeth Warren amid triumph of pro-Crypto lawmakers
Tom Emmer spoke with Breitbart News as the House prepared to overwhelmingly pass H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT for the 21st Century Act). Emmer criticized some lawmakers, calling them “dinosaurs,” for their support of Central Bank Digital Currency (CBDC)which he believes would be used as a surveillance tool.
Among the vocal opponents of cryptocurrencies are high-level politicians such as Senator Elizabeth Warren (D-MA), who is 74 years old, Representative Brad Sherman (D-CA), 69 years old, and Representative Maxine Waters (D- CA), 85 years old. Emmer accused legislators like Sherman and Waters of “carrying the water” for Gary Gensler, the chairman of the SEC. He emphasized that the FIT for the 21st Century Act represents the future of Internet innovation, saying: “This is… the future – the future has arrived.”
Legislative impact on financial technology
The FIT for the 21st Century Act aims to protect consumers by increasing transparency and clarifying regulatory overlap between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding cryptocurrencies. In the House, Emmer emphasized that this legislation is critical to ensuring American dominance in the rapidly growing financial technology sector.
Additionally, the House passed the HR 5403 CBDC Anti-Surveillance State Act, which aims to prevent the Federal Reserve from issuing a central bank digital currency. Last week, both the House and Senate passed legislation to rescind Staff Accounting Bulletin No. 121 of the SEC, which required banks to list cryptocurrencies on their balance sheets as liabilities.
Read also: Bitcoin Price to Hit $1 Million, Strike CEO Jack Mallers Reveals Potential Timeline
Growing bipartisan support for cryptocurrency
Emmer noted that both Democrats and Republicans are increasingly recognizing the benefits of digital currencies. You argued that opposition to cryptocurrencies comes predominantly from senior members of Congress. Emmer pointed out: “I look at the people who oppose this.
They are all elderly and are all 50 years old or older. This applies to young people aged 18 to 40. It’s that age group, those voters, those voters and that’s their world, he said she. Tom went further, stating that the dinosaurs in Congress are literally hindering this innovation. He also criticized “kleptomaniac bureaucrats like Gary Gensler” for trying to stop innovation to maintain control.
Read also: Ripple CTO Reveals the Game-Changing Benefits of Tokenization: Here’s Why It Matters