Tom Emmer Announces Candidacy for House Speaker Position

Police & Regulations
Oct 25, 2023 at 09:32 am

As of early October, the House of Representatives has been without a Speaker, a situation that poses a potential obstacle to the advancement of pending cryptocurrency-related bills within the legislative body.

Congressman Tom Emmer (R-Minn.), an advocate for the cryptocurrency industry who has sponsored several crypto-related bills and serves as the co-chair of the Congressional Blockchain Caucus, announced on Saturday his candidacy for the vacant position of Speaker of the House.

The Speaker of the House holds a pivotal role in managing the House of Representatives, responsible for scheduling votes and facilitating the passage of legislation. The most recent Speaker, Rep. Kevin McCarthy (R-Calif.), took on this role earlier in the year but was removed from the position earlier this month. Prior to McCarthy, the Speaker was Democrat Nancy Pelosi (D-Calif.), who held the position until her party lost the majority in the 2022 election.

An insider with knowledge of the matter shared with Bitsday that Emmer, currently serving as the majority whip, the second-highest ranking member of the House Republican caucus, began reaching out for support in his bid for the Speakership on Friday.

Emmer has been a sponsor of legislation aimed at creating clear, crypto-specific definitions for how digital tokens can fit within existing securities regulations. He has also supported measures to block the issuance of a central bank digital currency. Emmer has consistently advocated for regulatory clarity in the cryptocurrency industry, lending his name to letters and initiatives that push for such clarity.

The Speakership position has remained unfilled for more than two weeks following Rep. Kevin McCarthy's removal, as a result of a motion to vacate sponsored by another member of his party, Rep. Matt Gaetz (R-Fla.).

Two candidates, Congressmen Steve Scalise (R-La.) and Jim Jordan (R-Ohio), have already failed to garner sufficient votes to secure the Speakership. Jordan's bid came to an end on a Friday after he lost a third vote in the House, followed by a secret caucus vote. Several other lawmakers are also vying for the position, though the House is not expected to vote on alternative candidates until the following week.

Congressman Patrick McHenry (R-N.C.), the chair of the House Financial Services Committee and Speaker Pro Tempore after McCarthy's removal, has tentatively scheduled a vote for Tuesday morning. Republican candidates are required to confirm their candidacy by Sunday, and they will convene on Monday to present their cases.

Read more: FBI's Legal Action Against 6 Individuals Accused of Operating a $30 Million Crypto-Based Money Transmission Enterprise

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