U.S. House’s Emmer Says Best Hope For Crypto Legislation Is Year-End Session

As a long-term crypto investor with a keen interest in the regulatory landscape, I find Rep. Tom Emmer’s insights at the Consensus 2024 event both intriguing and concerning. While recent developments in Congress have brought hope for major crypto legislation this year, Emmer’s experience as a top House Republican leader highlights the significant challenges that lie ahead – particularly in the U.S. Senate.

In spite of the crypto industry’s victories in Congress recently, a significant legislative hurdle looms large in the Senate for major crypto-related bills. Rep. Tom Emmer (R-Minn.) admitted on Wednesday that the Senate will insist on having its own input on such legislation, leaving very little time in the current congressional session to pass it.

If there’s a possibility for the House-approved Financial Innovation and Technology for the 21st Century Act (FIT21) to pass, according to Emmer at CoinDesk’s Consensus 2024 event in Austin, Texas, it’s “more likely to happen during the lame-duck session” – the time frame between elections and the beginning of a new Congressional term. This period is when crucial legislation is frequently pushed through with additional, unrelated bills attached, making for swift negotiations.

In regular legislative proceedings, Emmer, holding a prominent position as the Republican caucus’ majority whip in the House, noted that FIT21, which received substantial backing in the House, is now poised for consideration in the Senate. Should senators take up this issue or work on a comparable bill, another round of deliberations would be necessary in the House.

“This modification will likely prompt a return to the House for approval, as mentioned by Emmer. Notably, there’s growing Democratic backing on this issue, as well as others concerning cryptocurrencies.”

In the chamber of Congress, FIT21, the initial digital assets legislation to secure approval, received the support of 71 Democratic lawmakers. This vote came against the objections of President Joe Biden, as well as that of former Speaker of the House, Rep. Nancy Pelosi (D-Calif.).

As a researcher, I’ve come across two distinct issues that garnered significant attention from Democrats in the US Congress. The first was an attempt to challenge a Securities and Exchange Commission accounting policy, specifically Staff Accounting Bulletin No. 121 (SAB 121). When this issue reached the House and Senate floors, it elicited a substantial wave of Democratic support. Notably, Senator Chuck Schumer from New York led the charge in the Senate, with others joining in. In response, President Biden made it clear that he would veto any resolution related to this matter.

Emmer said there is “a ton of goodwill under the surface” for such crypto issues.

As a researcher examining the dynamic between Senator Elizabeth Warren and the White House, I’ve observed that recent developments have surpassed her known stance as a critic of cryptocurrencies. Her significant influence on the administration seems to have taken a new turn, making it an intriguing topic for further investigation.

As a researcher following the developments in the Securities and Exchange Commission (SEC), I’ve come across Emmer’s perspective that Chair Gary Gensler’s tenure may be coming to an end and he’s losing support within the current administration.

Still, he warned, “I’d be very careful about trusting a cornered animal.”