Cryptocurrency transcends party lines and is instead a matter of choosing between supporting the government or the individual, according to US Congressman Tom Emmer. Emmer noted that both political parties are leaning towards endorsing crypto, although one is progressing at a faster pace than the other. He highlighted Senate majority leader Chuck Schumer’s backing, along with 70 other Democrats, of the resolution to overturn the controversial SAB 121 crypto rule imposed by the Securities and Exchange Commission (SEC). Emmer suggested that this support signaled a decline in the influence of crypto opponents such as Sen. Elizabeth Warren, SEC Chair Gary Gensler, and the White House. He also expressed frustration with Warren’s significant influence on decision-making within the White House.
Emmer expressed hope that Schumer might introduce the crypto-friendly Financial Innovation and Technology for the 21st Century Act (FIT21) in the Senate. The bill had already passed in the House of Representatives on May 22. However, Emmer acknowledged the possibility of the Senate making changes to the bill before sending it back to the House. Alternatively, it could be passed during the lame duck session, which occurs after the next elections but before newly elected legislators take their seats.
Emmer was not surprised by the SEC’s approval of spot Ether exchange-traded funds, given the agency’s recent reversals. He even hinted at SEC Chair Gary Gensler possibly leaving his position, cautioning against trusting a “cornered animal.”
Emmer also discussed the ideal next step for digital assets, which would be the creation of a “solid, stable stablecoin that can be traded anywhere around the world.” He believed that if this were to happen, Federal Reserve Chair Jerome Powell could face a similar fate as Gensler. Emmer criticized the Federal Reserve for its confusion surrounding the development and implementation of a central bank digital currency (CBDC). Despite Powell’s repeated statements that the Fed would not issue a CBDC without Congressional authorization, Emmer argued that President Joe Biden’s Executive Order on Ensuring Responsible Development of Digital Assets contradicted this stance. Emmer highlighted the passage of the CBDC Anti-Surveillance State Act in the House on May 23 as evidence of the political significance of the issue. He likened a CBDC to a surveillance tool reminiscent of the Chinese Communist Party, but acknowledged that digital cash that truly emulates privacy protection and open use could be a possibility in the future.
In conclusion, Emmer criticized both GOP “crypto maxis” and the Democratic “anti-crypto army,” suggesting that a balanced approach that prioritizes individual rights and innovation is necessary.