Boon For Crypto: Crypto-Friendly Emmer to Be U.S. House Speaker?
With crypto regulation by enforcement creating legal uncertainty and confusion in the United States, the chaos is not limited to the sector. The U.S. House is currently facing its most contentious speakership battle in a long time, amid a backdrop of recent disruptions in American political norms.
So, What’s Going On?
The battle for the position of Speaker of the U.S. House that started in January 2023 has been unprecedentedly tense, lasting 10 months. In January, after 15 rounds of voting, Rep. Kevin McCarthy assumed the role, only to be removed in October.
Rep. Jim Jordan then failed to secure the position in two subsequent votes.
This kind of prolonged speakership contest hasn’t been seen since the 1850s. The upheaval adds to a series of recent unusual events in American politics, breaking the long-standing tradition of swiftly electing House speakers.
A recent tweet by Tom Emmer is indicating that he will pursue the nomination for speaker.
Why Does It Matter for Crypto?
While the Speaker’s role isn’t directly tied to crypto, their influence over the legislative process and the broader direction of their party can have significant implications for the crypto industry’s future in the United States.
The Speaker of the U.S. House wields significant power over the legislative calendar, determining which bills, including those related to crypto, are prioritised. They influence committee compositions, affecting crypto regulation direction, and serve as a party spokesperson, shaping party stance, public perception, and market sentiment.
Additionally, the Speaker’s role in budgetary discussions and liaisons with the Senate and Executive Branch can impact regulatory agency funding and broader legislative actions concerning cryptocurrency.
Emmer enjoys support among his peers, with Kevin McCarthy, saying,
He is the right person for the job. He can unite the conference. He understands the dynamics of the conference. He also understands what it takes to win and keep a majority.
Who is Tom Emmer?
Tom Emmer, a 62-year-old Republican, is seen as holding rather favourable views toward crypto. He has also been a staunch critic of Gary Gensler, the chair of the United States Securities and Exchange Commission (SEC).
The SEC is caught up in several legal disputes with the crypto industry and Gensler has said many times, industry players just need to “come in and register.”
As many in the United States urge crypto regulation to come from elected politicians rather than from unelected public officials, it would be a positive signal for the industry if Emmer gets the job.