Speaking at Consensus 2024, Republican majority whip Tom Emmer discussed cryptocurrency regulatory efforts in Washington D.C.

Following several bankruptcies and the crash of FTX in 2022, cryptocurrency has remained a significant topic among U.S. policymakers. Industry stakeholders, such as Coinbase, have lobbied for clear regulations.

Regulators like the Securities and Exchange Commission (SEC) and Senators, including Elizabeth Warren from Massachusetts, have taken a stringent approach toward the industry, calling for tighter rules on digital asset operations.

On the surface, crypto seemed to face an uphill battle, but advocacy and the rapid adoption of blockchain technology have influenced discussions in Washington within both Democrat and Republican parties.

According to Congressman and House majority whip Tom Emmer, votes for the Financial Innovation and Technology for the 21st Century Act (FIT 21) and opposition to the SEC’s controversial Staff Accounting Bulletin 121 (SAB 121) show a bipartisan stance to safeguard U.S. innovation and check the SEC’s actions against crypto.

“He has gone way beyond the authority that he has. He literally violates the mission of the SEC every day,”

Emmer said, referring to SEC Chair Gary Gensler.

The GOP majority whip also hinted that Warren’s influence in the White House might be declining, paving the way for more neutral, merit-centric digital asset discussions. Emmer noted that the White House’s statement on FIT 21 indicated a willingness to negotiate and find common ground on legislation as elections approach.

Emmer opined that the upcoming election year may push for the conclusion of regulatory rules but stressed that nothing is certain. He mentioned that FIT 21 remains subject to markups in the Senate and will likely return to the House for further hearings.

An anti-CBDC bill is also on the agenda, as policymakers criticized the Federal Reserve for conducting a central bank digital currency pilot without Congressional approval.

Emmer believes work on crypto bills will advance after the elections and that digital asset voters could influence votes. These comments align with sentiments shared by CoinShares chief strategy officer Meltem Demirors during the Consensus OG Survivors panel. Demirors stated that American policymakers can’t ignore the approximately 40 million constituents invested in digital assets.

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