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Highlights
- Tom Emmer calls out aging politicians like Elizabeth Warren for their anti-crypto stance and support of CBDCs.
- The House passes the FIT for the 21st Century Act and other bills to boost transparency and protect consumers in the digital currency space.
- Emmer highlights growing bipartisan recognition of the benefits of digital currencies, criticizing older members of Congress for obstructing progress.
Tom Emmer spoke to Breitbart News as the House prepared to overwhelmingly pass H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT for the 21st Century Act). Emmer criticized certain lawmakers, referring to them as “dinosaurs,” for their support of a central bank digital currency (CBDC), which he believes would be used as a surveillance tool.
Among the vocal opponents to cryptocurrencies are senior politicians like Sen. Elizabeth Warren (D-MA), who is 74 years old, Rep. Brad Sherman (D-CA), aged 69, and Rep. Maxine Waters (D-CA), aged 85. Emmer accused lawmakers such as Sherman and Waters of “carrying the water” for Gary Gensler, the SEC Chair. He emphasized that the FIT for the 21st Century Act represents the future of internet innovation, stating, “This is … the future — the future has arrived.”
Legislative Impact on Financial Technology
The FIT for the 21st Century Act aims to protect consumers by increasing transparency and clarifying the regulatory overlap between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding cryptocurrencies. On the House floor, Emmer highlighted that this legislation is crucial for ensuring American dominance in the rapidly growing financial technology sector.
Additionally, the House passed the H.R. 5403 CBDC Anti-Surveillance State Act, which aims to prevent the Federal Reserve from issuing a central bank digital currency. Last week, both the House and Senate passed legislation to nullify the SEC’s Staff Accounting Bulletin No. 121, which required banks to list cryptocurrencies on their balance sheets as liabilities.
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Growing Bipartisan Support for Cryptocurrency
Emmer noted that both Democrats and Republicans are increasingly recognizing the benefits of digital currencies. He argued that opposition to cryptocurrencies predominantly comes from the oldest members of Congress. Emmer pointed out, “I look at the people who are arguing against this.
They are all old and are all 50 years old or older. This applies to 18 to 40 year olds. It’s that age group, those voters, those constituents and this is their world, he stated. Tom went further to say dinosaurs in Congress are literally standing in the way of this innovation.” He further criticized “kleptomaniac bureaucrats like Gary Gensler” for trying to halt innovation to maintain control.
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