Congress Holds Key to Crypto’s Future in the US, Says Republican House Leader
Republican House leader Tom Emmer believes that Congress, not the White House, will shape the future of Bitcoin and cryptocurrency in the US.
Republican House leader Tom Emmer is taking a stand on the future of Bitcoin and cryptocurrency in the United States, stating that Congress – not the White House – will shape the emerging industry.
Emmer is outlining a list of pro-crypto proposals currently being debated in the House of Representatives, which he believes would provide constructive clarity to the market.
The future of crypto in the US will be determined by Congress and the American People – not the Administrative State. pic.twitter.com/OQ0uwxjVxX
— Tom Emmer (@GOPMajorityWhip) March 9, 2023
Emmer is also speaking out against the Biden Administration’s recent actions against digital assets, which he believes are an attempt to dominate the American people and restrict their financial freedoms. Specifically, he is critical of the administration’s “political plan to lawlessly abuse the administrative state to push American crypto firms and their United States customers into offshore, unregulated, opaque, and unsafe markets.”
According to Emmer, these actions are evidence that Congress and the American people need to take control of the future of crypto in the U.S. He is a member of the powerful House Financial Services Committee, which oversees the Federal Reserve, the U.S. Securities and Exchange Commission (SEC), and the U.S. Department of Treasury.
Emmer has also highlighted the pro-crypto bills he has proposed in Congress, including the Blockchain Regulatory Certainty Act, the Securities Clarity Act, the Safe Harbor for Taxpayers with Forked Assets Act, and the CBDC Anti-Surveillance State Act. He emphasizes that Congress, not the executive branch, has the authority to make laws regarding digital assets.
The debate over the future of crypto in the U.S. is ongoing, with lawmakers, regulators, and industry participants all expressing differing opinions on how to approach the emerging technology best.
As the industry continues to evolve, it remains to be seen how Congress will shape the regulatory landscape for cryptocurrencies and blockchain-based assets.