Tom Emmer Predicts Major Shift in Cryptocurrency Legislation Regardless of Election Outcome

One of the key supporters of cryptocurrency in Congress is House Majority Whip Tom Emmer from Minnesota. He has big plans for the industry, especially if Republicans gain control of the federal government in November. But he also believes that cryptocurrency regulation is coming, no matter what happens in the election.

“I expect to see digital asset legislation start moving in both the House and the Senate,” Emmer said in an interview with Decrypt at the Messar Mainnet conference in New York. “It’s not a question of if, but when, regardless of who’s in charge.”

Emmer is optimistic about this shift because both parties in Congress are changing their views. This spring, many Democrats, including Senate Majority Leader Chuck Schumer, teamed up with Republicans to overturn a rule against crypto banking. Just days later, 71 Democrats, including Nancy Pelosi, voted for FIT21, an important bill for crypto market structure.

Recently, Emmer's main opponent on the House Financial Services Committee, Maxine Waters from California, stated that “crypto is inevitable.” This is significant because Waters had been against bills like FIT21 just months earlier.

“That’s a big statement from Maxine,” Emmer commented.

So, why are so many Democrats changing their minds about crypto this year? Emmer thinks it’s because they see the younger voters. This group, aged 18 to 40, cares about crypto. “For maybe one out of five of them, this is the issue they will vote on,” he explained.

Emmer feels confident that crypto legislation is likely to happen. However, he believes that if Republicans control the House, Senate, and White House in 2025, those laws will be passed more quickly than if Democrats are in charge.

If everything goes his way, Emmer would focus on three main types of crypto-related bills: a market structure framework like FIT21, a bill to ban the creation of a U.S. central bank digital currency (CBDC), and a bill to allow the creation of dollar-backed stablecoins worldwide, as long as they meet certain criteria set by the U.S. Treasury.

He believes these laws would help American crypto firms that are currently worried about regulatory uncertainty. However, he is cautious about going too far with new regulations.

“Some of my Republican colleagues in the Senate think we should create a new regulatory department just for crypto,” he said. “Be careful what you wish for. You don’t want that.”