Crypto-friendly Rep. Tom Emmer pursues nomination for House speaker

Regulation

Crypto-friendly Republican Congressman Tom Emmer is pursuing a nomination to become House speaker, with the 62-year-old receiving endorsement from multiple lawmakers.

Congressman Patrick McHenry continues to oversee the position on an interim basis, following a first round of voting on Oct. 17 in which the Republican Party’s nominee for Speaker, Jim Jordan, failed to secure votes to overtake the role.

Emmer’s pursuit was initially highlighted on Oct. 20 by NBC News reporter Jake Sherman, who stated in a post on X (formerly Twitter) that Emmer “has told members of the House Republican Conference that he will seek the nomination for Speaker.”

“The Minnesotan is currently the No. 3 House Republican. He’ll immediately become the frontrunner in this race,” he added.

Outlets such as CBS News also reported that an unnamed source close to Emmer had confirmed that he was “making calls” in pursuit of a nomination.

As interim Speaker, McHenry lacks the authority to push legislation forward through in the House. As such, it has stalled the progress on various bills, including crypto-related ones, and highlighted the importance of voting in a new Speaker.

If Emmer were to become Speaker, the move would likely receive a warm welcome from members of the crypto community.

Emmer has spoken in favor of digital assets on many occasions and has a history of pushing back against the regulation by enforcement approach from the Securities Exchange Commission and its chairman Gary Gensler.

While he works to secure a nomination, Emmer has already received some backing for the move.

Congressman Brad Finstad released a statement on Oct. 20 supporting Emmer for the Speaker of the House role.

Related: Chamber of Digital Commerce opposes SEC’s overreach in Binance lawsuit

“From the day that I arrived in Congress, it has been a privilege to work alongside Tom and I have come to truly appreciate him as a mentor and as a friend,” he said, adding:

“The American people deserve a functioning Congress. It is my hope that my House colleagues can come together to get this election done, get the House back in order, and get back to working for the American people.”

Notably, Kevin McCarthy, a fellow Republican who was ousted from the Speaker role on Oct. 4, has also reportedly thrown his support behind Emmer.

“He is the right person for the job. He can unite the conference. He understands the dynamics of the conference. He also understands what it takes to win and keep a majority,” he said.

Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?

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