Tom Emmer, A Crypto-friendly, Won The Race For House GOP Whip

Several sources claim that Rep. Tom Emmer, R-Minn., won the contest for House GOP whip. When the next Congress convenes in January, the Minnesota congressman will control Republicans’ positions on crucial votes.

Rep. Jim Banks, R-Ind., lost to Emmer in a runoff. No party has established a majority due to the closeness of this year’s midterm elections. However, Republicans are predicted to win the House of Representatives by a slim margin. Emmer would then become the new majority whip for the House.

Emmer, a member of the House Financial Services Committee, introduced legislation in January to prevent the Federal Reserve from creating digital money for private citizens. After the demise of the cryptocurrency exchange FTX, he later turned his attention to the Securities and Exchange Commission.

The next Congress may move decisively on cryptocurrency legislation the following year, especially in light of FTX’s bankruptcy filing. Before the exchange went under, Sam Bankman-Fried, the former CEO of FTX, made a strong case for a bill that would have given the Commodity Futures Trading Commission new regulatory authority.

Earlier this year, Emmer voiced his support for Spot Bitcoin ETFs and condemned the SEC for not supporting crypto.

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