U.S. Congressman Tom Emmer: Cryptocurrency is not a partisan issue, opposition is fading

ChainCatcher news, at the 2024 Consensus Conference, U.S. Congressman Tom Emmer stated that cryptocurrency is not a partisan issue, but rather a question of supporting the administrative state versus individuals. Although both parties are moving towards supporting cryptocurrency, the pace differs.

Emmer mentioned that Senate Majority Leader Chuck Schumer and 70 other Democrats support overturning the SEC's SAB 121 crypto rule, indicating that the opposition from Senator Elizabeth Warren, SEC Chair Gary Gensler, and the White House towards cryptocurrency may be waning. Emmer repeatedly complained about Warren "making a lot of decisions in the White House."

Regarding the Financial Innovation and Technology for the 21st Century Act (FIT21), Emmer believes Schumer may introduce this bill in the Senate, which passed the House on May 22. He stated that if the Senate modifies the bill and sends it back to the House, it is more likely to pass during the lame-duck session. (Note: In the U.S., the period after the November presidential and congressional elections and before the newly elected officials are sworn in early the following year is referred to as the lame-duck session.)

Emmer also mentioned that the SEC recently approved a spot Ethereum ETF, showing a reversal in the agency's stance, and believes Gensler may be on the verge of stepping down, adding, "One should be very cautious about someone who is cornered."

For digital assets, Emmer believes the next ideal step is to launch a globally tradable stablecoin, which would elevate the digital asset space to a whole new level.