In an exclusive interview with Breitbart News, House Majority Whip Tom Emmer (R-MN) said that in the battle over the future of financial technology, pro-crypto lawmakers are beating out congressional “dinosaurs” and “kleptocrats” like Securities and Exchange Commission Chairman Gary Gensler.
Emmer spoke to Breitbart News as the House was poised to pass the bill overwhelmingly. Passed HR4763the 21st Century Financial Innovation and Technology Act, or the 21st Century Financial Technology Act.
In essence, this bill protect Increasing transparency will build consumer trust and provide greater clarity around the overlap in cryptocurrency regulation between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
On the floor, Emer Said The 21st Century Financial Technology Act aims to ensure American dominance in the burgeoning financial technology industry.
The House of Representatives also voted on Thursday. passed it HR 5403, the CBDC Surveillance Prevention Act, is a bill that would prohibit the Federal Reserve from offering a central bank digital currency (CBDC).
And last week, the House and Senate passed it A bill to repeal the SEC’s controversial Staff Accounting Bulletin No. 121. The bill would require banks that hold cryptocurrencies on their balance sheets to list them as liabilities.
Emmer explained that both Democrats and Republicans are becoming accustomed to embracing the benefits that come with the digital currency space, arguing that opposition to cryptocurrencies comes primarily from the most senior members of Congress.
He explained, “If you look at the people who are opposed to this, they’re all old people, they’re all over 50. And this goes for 18 to 40 year olds. That age group, that voter, that electorate, is their world. And the dinosaurs in Congress are literally standing in the way of this innovation. They are literal dinosaurs. And the kleptocratic bureaucrats like Gary Gensler are literally trying to stop innovation and control you.”
Emmer also said the reason these “dinosaurs” want a central bank digital currency is because it will be used as a “surveillance tool.”
In fact, some of the most vocal opponents of cryptocurrency appear to be at or nearing retirement age.
- Senator Elizabeth Warren (D-Massachusetts) is a progressive who is staunchly opposed to cryptocurrencies. teeth 74 years old.
- Rep. Brad Sherman (D-Calif.) teeth 69 years old.
- Congressman Maxine Waters (Democrat, California) teeth 85 years old.
Emmer said lawmakers like Sherman and Waters were “carrying water” for Gensler.
The Minnesota congressman said the 21st Century FIT Act “is very exciting because it drives the next generation of the internet. This is … the future, and the future is here.”
Sean Moran is a policy reporter for Breitbart News. Follow him on Twitter. Sean Moran 3.
