Political Parties Eyeing Crypto; Predicted Shifts in SEC, Fed Leadership: Rep. Tom Emmer
Summary:
U.S. Congressman Tom Emmer highlighted the increasing political support for cryptocurrency across both major parties at a 2024 Consensus event, while also noting that one party is tilting faster towards it. He suggested that opposition from Senator Elizabeth Warren, SEC Chair Gary Gensler, and the White House might begin to diminish, mentioning the potential Senate introduction of a more crypto-friendly bill, FIT21. Emmer also predicted potential leadership changes at the SEC and Federal Reserve and foresaw the arrival of a globally tradeable stablecoin to elevate the digital asset space. Lastly, he discussed the confusion around the development of a Central Bank Digital Currency (CBDC) and its potential surveillance concerns.
The notion of supporting cryptocurrency transcends political biases and pivots around backing the individual rather than the governing entities, noted U.S. Congressman Tom Emmer. While there is a clear shift in support from both political parties, one is demonstrating a faster adoption pace, he mentioned. At the 2024 Consensus event, Emmer cited Senate Majority Leader Chuck Schumer's endorsement and 70 other Democrats for a resolution to repeal the controversial SEC's SAB 121 cryptocurrency regulation, indicating that opposition from Senator Elizabeth Warren, SEC Chair Gary Gensler, and the White House may be diminishing. He lamented Warren's strong influence on executive decisions within the White House.
Emmer expressed optimism that Schumer could usher in the much-anticipated Financial Innovation and Technology for the 21st Century Act(FIT21) to the Senate. The bill was approved by the House of Representatives on May 22. However, Senate's potential amendments to the bill could necessitate its return to the House. Emmer believes the bill holds a higher chance of being enacted during the lame duck session, in the post-election era before the installation of new legislators.
Despite SEC's recent erratic positions, the authorization of spot Ether exchange-traded funds didn't flabbergast Emmer. He alluded to Gensler's potential departure, cautioning about placing trust in a threatened entity.
Emmer envisages the evolution of the digital asset industry as a result of the advent of a robust, universally tradeable stablecoin. According to him, the introduction of such a coin could take the digital asset industry to unprecedented heights.
Jerome Powell, the Federal Reserve Chair might suffer the same fate as Gensler, Emmer predicts. He describes Powell as someone tied to the past, overlooking the potential of the digital asset space.
Emmer pointed out the Federal Reserve's apparent uncertainty regarding the development of a Central Bank Digital Currency (CBDC). President Biden's Executive Order on Responsible Development of Digital Assets, despite recurring assertions from Powell about the unlikelihood of a CBDC without legislative approval, exemplifies this confusion. The CBDC Anti-Surveillance State Act's approval by the House on May 23 underlines the political weight this issue holds. Although he drew parallels between CBDC and an invasive tool akin to the Chinese Communist Party, Emmer isn't ruling out the nonrestrictive, privacy-preserving realizations of digital cash.
Published At
5/29/2024 11:39:15 PM
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