Just In: GOP Lawmakers Nominate Pro-Crypto Tom Emmer as Speaker

In a recent development, Republican lawmakers have selected Tom Emmer as their candidate for the position of House Speaker, following a tumultuous three weeks that saw their previous leader expelled in a right-wing revolt.

🚨NEW: Pro-crypto Congressman @GOPMajorityWhip has secured the GOP nomination to become next speaker of the House.

— Eleanor Terrett (@EleanorTerrett) October 24, 2023

Tom Emmer’s Political Background

Tom Emmer, a former college ice hockey player and coach, has an extensive political background. He previously served as the chairman of the National Republican Congressional Committee, an organization focused on assisting Republican candidates in elections across the United States.

Emmer has held his congressional seat since 2015 and, prior to that, served in the Minnesota state legislature. In 2010, he narrowly lost a race for governor of the state. While he has garnered significant support within the party, his challenges may arise from the faction of right-wing Republicans and allies of former President Donald Trump, who may not entirely align with his agenda.

The selection process unfolded through a series of internal party ballots, with successive rounds of voting narrowing down the pool of candidates. Ultimately, Emmer prevailed over Mike Johnson of Louisiana in the final round.

However, the path ahead is not clear. It remains uncertain when Tom Emmer’s nomination will go to a vote on the House floor, and whether he can secure enough backing to claim the Speaker’s chair. Texas Representative Andy Webber expressed doubts, stating that Emmer currently lacks the necessary votes to win a floor vote.

Will Crypto Benefit If Tom Emmer Wins?

Interestingly, Tom Emmer’s potential appointment as House Speaker is viewed as a promising development by the cryptocurrency community. Emmer has a track record of advocating for digital assets and challenging the regulatory approach of the Securities and Exchange Commission (SEC). His alignment with the crypto industry’s interests has made him a noteworthy figure in this evolving ecosystem.

Emmer has co-sponsored a number of bills aimed at providing regulatory clarity for the US crypto industry. He has also chastised SEC Chair Gary Gensler, accusing the agency of regulatory overreach.

Furthermore, Emmer has expressed his intention to introduce an appropriations amendment that would limit the SEC’s ability to allocate funds for enforcing digital asset regulations until comprehensive and well-defined rules are in place.