Emmer Talks Crypto Legislation
House Majority Whip Tom Emmer (R-MN) shared insights with Breitbart News on Thursday, stating that current pro-cryptocurrency laws indicate that the traditional anti-crypto mindset is fading away.
During the interview, Emmer highlighted the imminent passage of three significant custody bills aimed at securing the US dollar’s dominance, establishing a clear regulatory path for the rapidly growing crypto sector, and preventing unappointed officials from issuing central bank digital currency (CBDC).
The first piece of legislation is a groundbreaking law recently passed in the Senate. It aims to create a light regulatory framework for Stablecoins, which are digital assets pegged to fiat currencies like the US dollar.
Emmer remarked, “The beauty lies in the fact that one day—who knows, perhaps sooner rather than later—that’s crucial. As a policymaker today, I’ve been part of the House Financial Services Committee for a decade, tackling these issues. When discussing US dollar exports, it’s as pivotal as Ronald Reagan declaring, ‘We’re going to tear down this wall.’ ”
He added, “Everyone around the globe wants to transact in US dollars, even Brazilian cab drivers. Dollar-backed Stablecoins can empower young African women who lack access to traditional banking. This export is vital for our national security.”
The Clarity Act focuses on consumer protection and promotes innovation while providing a clear regulatory framework for the digital asset industry.
Emmer noted that this bill “creates certainty and predictability for investors in our country, alleviating concerns they’ve faced under what many call the Biden administration’s regulatory enforcement.”
The third piece of legislation under consideration is Emmer’s own CBDC anti-surveillance law, which seeks to prohibit the Federal Reserve from issuing CBDCs, thus safeguarding financial privacy and preventing the Fed from using CBDC to manipulate monetary policy.
He alleged that advocates like Sen. Elizabeth Warren (D-MA) desire CBDCs to exert more control over the American populace.
Drawing a comparison to the intense surveillance of Chinese citizens, Emmer expressed, “Today’s Marxist Democrats seem intent on controlling every facet of our lives. A prime example? Just look at how we couldn’t manage transportation from Wuhan.”
Emmer emphasized that cryptocurrencies could empower individuals to make their own decisions, fostering decentralization.
He stated that recent legislative advances show that the anti-crypto “dinosaurs” are becoming obsolete, remarking that “the herds are thinning.”
In a prior conversation with Breitbart News, Emmer noted that many of the leading anti-crypto lawmakers tend to be older, while younger proponents are gaining traction.
He viewed this shift positively for the digital assets community, which is growing more influential in Washington, D.C., notably leading to the decline of several prominent anti-crypto figures in the upcoming 2024 elections.
Emmer ultimately stressed the increasing bipartisan support for cryptocurrencies, claiming that Americans have elected “the most pro-crypto vice president in history.”
