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Representative Tom Emmer's Speaker of the House Bid Gains Momentum as Crypto Community Watches

Tom Emmer seeks Speaker position, gaining significant political backing and attention from the crypto world.

Mon, 23 Oct 2023, 09:34 am UTC

Representative Tom Emmer, known for his crypto-friendly stance, is actively seeking to clinch the position of the Speaker of the United States House of Representatives. At 62 years old, Emmer has garnered considerable backing from his fellow lawmakers.

Since a previous vote on October 17 did not result in anyone assuming the speaker role, Representative Patrick McHenry has been managing the position on a temporary basis. The prior nominee from the Republican Party, Jim Jordan, couldn't gather enough votes to secure his place as Speaker.

Jake Sherman, a journalist from NBC News, brought Emmer's aspirations to the limelight on October 20. Through a post on X (the platform that took over Twitter's functions), Sherman mentioned Emmer's expressed intentions to fellow House Republicans about his intention to vie for the Speaker's nomination. CBS News further shed light on Emmer's move by citing an insider who claimed Emmer was actively reaching out to build his candidacy.

Without a permanent Speaker like McHenry, the House has been somewhat paralyzed, unable to drive legislation forward. This stagnation has affected several bills, prominently including those related to cryptocurrency. The position of the Speaker is essential to resume normal legislative functions.

Given Emmer's views on digital currencies and his resistance to certain regulatory moves by the U.S. Securities and Exchange Commission, including its Chair Gary Gensler, his potential appointment as Speaker is anticipated to be favorably viewed by the cryptocurrency industry.

On the political front, Emmer's bid is seeing traction. On October 20, Representative Brad Finstad came forward, praising Emmer's dedication and expressing hope for a united Congress that prioritizes the needs of the American people. Furthermore, Representative Kevin McCarthy, who experienced a recent setback from the speaker role on October 4, has also voiced his support for Emmer. He acknowledged Emmer's ability to bridge divides and maintain the party's majority.

In the ongoing politics, Emmer's rising candidacy suggests the possible intersection of politics with the burgeoning crypto industry.

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