The candidacy of Rep. Tom Emmer (R-Minn.) has opened up the possibility of an unexpected win for the crypto industry. This has given lobbyists a new cause for optimism during a difficult political moment for the industry. It has been facing daily headlines about the fraud trial of FTX founder Sam Bankman-Fried, as well as the role of digital currency in finance and the Hamas attacks on Israel.
Cody Carbone, Vice President of Policy at the Chamber of Digital Commerce, said that Emmer “is the quintessential champion” for the crypto industry. He has been a major advocate for digital currency since he was a teenager, serving as co-chairman of the Congressional Blockchain Caucus and introducing several bills related to digital currencies.
Emmer has been trying to prevent stricter federal control of crypto, arguing that digital assets created outside the traditional banking sector are a benefit to free markets and privacy. In an interview last month, he said that “the majority of the bad guys today are in cash” and that crypto is “the next iteration of the Internet.”
OpenSecrets, a nonprofit campaign finance organization, reported that Emmer has raised the second highest amount of crypto-cash of any House member. The 2022 election will be the first time that the United States holds a national presidential election.
According to Ron Hammond, the director of Government Relations at the Blockchain Association, a cryptocurrency trade group, Emmer “brings a fresh perspective and a lot of energy with his personality.” He believes that having someone who understands these technologies in the House is a great thing for the industry.
An Emmer speakership could be a major breakthrough for the crypto lobby. It would provide a powerful voice for crypto allies when skeptics are dominating the conversation around potential risks posed by digital assets to consumers and national security. Last week, 104 lawmakers joined together to call on the Biden Administration to take action against crypto-money laundering.
Carbone noted that “we need a countering voice to the White House and Elizabeth Warren,” and that having a speaker who is willing to speak out in support of the industry would “bring the debate to a more even playing field.” Crypto advocates also hope that it will help to ensure the House takes up digital asset legislation when the floor is reopened.
Declan Harty contributed reporting.