Tom Emmer, Crypto Advocate, Selected as GOP's Speaker of the House Nominee
Summary:
Tom Emmer, a known cryptocurrency supporter, has been selected as the Republican nominee for Speaker of the House of Representatives. The nomination follows unsuccessful bids by Rep. Jim Jordan and Rep. Steve Scalise. It's uncertain whether Emmer will muster enough support to win in a vote expected in the next two days. Without a chosen Speaker, progress on several crypto bills has effectively stalled.
Tom Emmer, the current majority whip and a notable supporter of cryptocurrencies, has been selected as the Republican nominee for next Speaker of the House of Representatives. Emmer emerged as the candidate of choice following an in-house selection process on October 24th. His nomination comes in the wake of unsuccessful candidatures by Rep. Jim Jordan and Rep. Steve Scalise.
The race for the House Speaker position became open on October 3rd after lawmakers voted to vacate the seat, leading to the ousting of current occupant, Rep. Kevin McCarthy. During the interim period, Rep. Patrick McHenry, who also holds the position of Chair on the House Financial Services Committee and is supportive of cryptocurrency, has filled the vacant spot.
Emmer announced his aspirations for the position on October 20th. During previous conversations with Cointelegraph at a September conference, he positioned himself as a technologically conversant candidate who recognises cryptocurrency as a bipartisan Congressional issue. Attempts to reach Emmer's office for comment have been unfruitful.
Ron Hammond, the Blockchain Association's government relations director, has lauded Emmer's nomination, praising his fresh approach and energetic demeanour. He said it's a boon for the industry to have a leader who understands the technology involved. As Emmer tweeted on October 20, 2023, it's important for lawmakers to fulfil their duties and select a Speaker, underlining the urgency for Congressional action.
The delay in choosing a Speaker has essentially caused a legislative stall on crypto bills that were supposed to head for a full floor vote. Once the Republicans manage to accrue the 217 votes required for a candidate, bills including the Financial Innovation and Technology for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act and the Keep Your Coins Act, can move forward.
As of now, it remains uncertain if Emmer will garner enough support to claim the Speaker's seat. With the House's legislative functioning at a standstill, a decision is expected within the next two days. Thus far, all Democrats have backed Rep. Hakeem Jeffries during previous voting rounds, while Emmer has only managed to secure a solitary vote in each round.
Published At
10/24/2023 5:34:27 PM
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