U.S. Congressman Tom Emmer: Cryptocurrency is not a partisan issue, opposition is fading

Odaily Odaily News: At the 2024 Consensus Conference, U.S. Representative Tom Emmer said that cryptocurrency is not a partisan issue, but a question of whether to support the administrative state or individuals. Although both parties are moving in the direction of supporting cryptocurrency, the speed is different. Emmer mentioned that Senate Majority Leader Chuck Schumer and 70 other Democrats support overturning the SEC's SAB 121 crypto rule, which indicates that the influence of Senator Elizabeth Warren, SEC Chairman Gary Gensler and the White House's opposition to cryptocurrency may be weakening. Emmer repeatedly complained that Warren "made a lot of decisions in the White House." Regarding the Financial Innovation and Technology Act of the 21st Century (FIT21), Emmer believes that Schumer may introduce the bill in the Senate, which was passed by the House of Representatives on May 22. He said that if the Senate modifies the bill and sends it back to the House of Representatives, it is more likely to pass in the lame duck session. (Note: In the United States, the period after the presidential and congressional elections in November and before the newly elected public officials are sworn in early next year is called the lame duck session.) Emmer also mentioned that the SEC's recent approval of the spot Ethereum ETF showed a reversal of the agency's position, and believed that Gensler might be about to step down, adding, "Be highly cautious about trusting a desperate person." For digital assets, Emmer believes that the next ideal step is to launch a globally tradable stablecoin, which will bring the digital asset field to a whole new level. (Cointelegraph)