Tom Emmer Outlines Ambitious Crypto Plans for the U.S.

One of cryptocurrency’s most prominent advocates in Congress, House Majority Whip Tom Emmer (R-MN), has unveiled significant plans for the industry should Republicans gain control of all branches of the federal government in the upcoming elections. Speaking at the Messari Mainnet conference in New York this week, Emmer expressed confidence that cryptocurrency regulation is imminent, regardless of the election outcome.

“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.”

Shifting Perspectives in Congress

Emmer, the third-highest-ranking House Republican, attributes this optimistic outlook to a recent bipartisan shift in Congress. Earlier this year, a substantial number of Democrats, including Senate Majority Leader Chuck Schumer, joined Republicans to overturn an anti-crypto banking rule. Shortly after, 71 Democrats, including Nancy Pelosi, voted to pass FIT21, a key crypto market structure bill.

Just last week, Emmer’s counterpart on the House Financial Services Committee, Maxine Waters (D-CA), told Punchbowl News that “crypto is inevitable.” Waters had been a steadfast opponent of bills like FIT21 just months ago. “That’s a momentous statement by Maxine,” Emmer remarked.

The Influence of Younger Voters

Emmer believes the change in stance among many Democrats is due to electoral politics and the realization that younger voters might cast their ballots with crypto in mind. “They saw that there’s this voting bloc, age 18 to 40, and maybe one out of five of them… this is the issue they’re going to be voting on,” he explained.

While confident that crypto legislation is inevitable, Emmer maintains that Republican control of the House, Senate, and White House in 2025 would likely expedite the enactment of such laws compared to a Democratic-controlled government.

Key Legislative Priorities

If operating under a Republican trifecta, Emmer said he would prioritize three specific types of crypto-related bills:

1. Market Structure Framework: Legislation like FIT21, which aims to provide clear regulatory guidelines for the crypto market.
2. CBDC Prohibition: His bill that would outlaw the creation of a U.S. central bank digital currency (CBDC).
3. Stablecoin Facilitation: A bill to facilitate the creation of dollar-backed stablecoins globally, provided they meet criteria enforced by the U.S. Treasury Department.

Emmer believes these laws would offer solid footing for American crypto firms and projects currently grappling with regulatory uncertainty.

Warning Against Overregulation

Despite his support for crypto-friendly legislation, Emmer cautioned against overregulation. “I have Republican colleagues in the Senate who think we’ve got to create a new regulatory department just to deal with crypto,” he said. “Be careful what you wish for. You do not want that.”

Emmer’s vision reflects a growing bipartisan acknowledgment of cryptocurrency’s role in the future of finance. As both parties recognize the importance of the crypto industry to a significant portion of the electorate, particularly younger voters, the path toward comprehensive crypto legislation appears increasingly clear.