Tom Emmerg, a Crypto Champion, Could Soon Lead the House. Legislation Would Still Be Stuck.

House Majority Whip Tom Emmer is now the clear front-runner to become the next House speaker. The crypto industry could hardly ask for a better outcome. But even if Emmer takes the gavel—by no means certain—there is still reason to doubt major crypto legislation can become law soon.

For the crypto sector, Emmer would be an ideal choice. In addition to his whip duties, Emmer is a co-chair of the Congressional Blockchain Caucus and has sponsored crypto-friendly bills. He speaks to the industry frequently and often advocates for crypto as a potential economic driver for the U.S., saying it is akin to the internet boom and shouldn’t be choked by regulation.

Perhaps the only other potential speaker that has excited the industry as much as Emmer is the current temporary leader Patrick McHenry , who chairs the House Financial Services Committee and who some lawmakers have said should be granted temporary expanded powers. McHenry also spearheaded the crypto-friendly bills awaiting a floor vote.

Even if crypto-friendly legislation can come to a vote on the House floor next year, it is likely to be more of a symbolic gesture, says Beacon Policy Advisors analyst Owen Tedford. That is because while House committees have been eager to advance crypto legislation, the Senate Banking Committee hasn’t engaged in a corresponding process.Many senators have also grown more skeptical about crypto. Earlier this month, Sens.

Source: Law Daily Report (lawdailyreport.net)

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