SAB 121 House Joint Resolution
This bill is very pro-crypto.
cosponsored
Tom Emmer Jr.
Republican Congressperson from Minnesota, 6
Notable statements
Uniform Treatment of Custodial Assets Act
This bill is very pro-crypto.
cosponsored
CBDC Anti-Surveillance State Act
This bill is somewhat pro-crypto.
sponsored
FIT21
This bill is very pro-crypto.
cosponsored
Digital Commodity Exchange Act of 2022
This bill is very pro-crypto.
cosponsored
Tom Emmer Jr.
@GOPMajorityWhip
.@POTUS sees the opportunities crypto brings to Americans. Not even a month into office, he's created a government-wide commitment to crafting the regulatory guardrails the crypto industry has begged for since Joe Biden was elected. pic.x.com/ZGeprcTx2e
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I am honored to serve as the Vice Chair of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence.
A new day for crypto innovation, opportunity, and excellence has finally arrived. pic.x.com/gi4MyS624Q
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
From persecution to prosperity, the United States WILL be the crypto capital of the world. x.com/eleanorterrett…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
.@POTUS understands the dangers CBDCs present.
Now, we need to codify this in law by passing our CBDC Anti-Surveillance State Act to ensure future, power-hungry bureaucrats cannot undo his executive order. pic.x.com/rN6CPzwbhj
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
President @realDonaldTrump’s nominee for Treasury Secretary, Scott Bessent: “On CBDC’s, I see no reason for the U.S. to have a central bank digital currency.”
Agreed. Now let's make sure it's in law. pic.x.com/HaVD9Wjlkc
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I am honored to have been selected as Vice Chairman of the Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence.
With President Trump in the White House, and Gary Gensler confined to the waste bin of Washington, we have an excellent opportunity to ensure that the future of digital assets is guided by Americans, with American values.
I look forward to working with Chairman @RepFrenchHill, Chairman @RepBryanSteil and the rest of our colleagues to foster an environment where digital asset innovation can thrive.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @BlockchainAssn: 4/ We were honored to present BA’s Crypto Champion Award to @GOPMajorityWhip at our annual gala. Watch the award presen…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
President @realDonaldTrump’s choice of @DavidSacks as White House AI & Crypto Czar is a huge win for American investors and innovation.
Congratulations, David, we look forward to working with you!
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @jerrybrito: This is why we must make sure that any crypto legislation next Congress must include @GOPMajorityWhip’s Blockchain Regulato…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The American people gave President Trump and Congress a mandate.
We will prevent the creation of a CBDC, give American entrepreneurs the clarity they need to grow, and dismantle the Administrative State that has stalled innovation.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Gruenberg got fired the moment 76 million Americans voted to send President Trump back to the White House and end the Biden-Harris administration’s war on crypto once and for all.
politico.com/newsletters/mo…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Happy 16th Anniversary to Satoshi’s Bitcoin White Paper!
I am confident that Bitcoin and digital assets have a bright future here in the United States.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Kamala Harris’ ignorance is on full display.
Crypto is for ALL Americans. pic.x.com/iALAj7grp2
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
REMINDER: A CBDC would give unelected bureaucrats in D.C. the ability to monitor and restrict Americans’ *individual purchases*.
Our CBDC Anti-Surveillance State Act prevents this and defends against the ever-expanding government surveillance state. x.com/FinancialCmte/…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @BlockchainAssn: Live from #Mainnet2024, @KMSmithDC and @GOPMajorityWhip discuss the crypto voter and the bipartisan case for Congressio…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
What @GaryGensler doesn’t understand is fighting against crypto innovation in America isn’t going to put a stop to it… he is only going to push crypto innovation off American soil.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Problem 5. NO ONE in Gensler’s leadership has been fired for this absolutely disgraceful situation against a digital asset firm.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
If @GaryGensler’s mouth is moving, he is likely lying.
In 2021, Gensler came to the @FinancialCmte and told us he doesn’t believe he has the authority to regulate and police the digital asset industry.
That was clearly a lie. x.com/GOPMajorityWhi…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Then he invented the term “crypto asset security” out of thin air.
This term does not exist in statute and has not been defined anywhere, including within the SEC.
Gensler just made it up and then used it as the basis for his entire “regulation by enforcement” strategy.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
That was @SECGov’s bread and butter until recently when the SEC admitted regret for confusing the marketplace with its use of Gensler’s made-up term “crypto asset security,” even though that is EXACTLY what Gensler tried and failed to establish many times.
The SEC lies again.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
America is ready for its first Crypto President. x.com/WatcherGuru/st…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
.@JoeRogan is right — a central bank digital currency is terrifying.
That's why we led the CBDC Anti-Surveillance State Act to prevent the Fed from ever issuing one.
The House passed our bill earlier this year. The Senate should follow suit. pic.x.com/uMEw0ZLJs7
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
We need to draw our government back and let people take chances.
Grateful for the opportunity to discuss the future of digital asset policy on the @P2PPolicyPod this morning. pic.x.com/6GCX2UT6xK
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
If history is any guide, Kamala Harris will throw her political weight behind an Elizabeth-Warren-style approach to digital assets.
She was widely known as the most liberal member of the United States Senate before the media started running cover for her.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The nexus between AI and digital assets seems necessary and inevitable.
The convergence of blockchain and AI can not only improve the trustworthiness of data, but the decentralization of AI data can mitigate single-point-of-failure security issues.
theblock.co/post/307031/di…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Artificial intelligence and digital assets are leading us toward a powerful global digital economy.
As AI continues to be integrated into our lives, blockchain technology will play an important role in ensuring that AI data is authentic, immutable, traceable, and transparent. pic.x.com/XRJBBJSaAe
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Great to see the @SECgov adjust course and allow ETH Spot ETFs to begin trading today.
On second thought, we should actually be thanking the courts. Gary Gensler has got to go.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Weeding out bad actors on chain requires a clear understanding of their goals.
Proud to support @ZachNunn’s Financial Technology Protection Act to create a working group to help drill down on potentially illicit uses of digital assets and find strategies to prevent it.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
If I had to create a tagline for the Biden administration’s digital assets agenda, it would be:
The administrative state OVER the American people.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The Biden Administration has proven that they are eager to trade Americans' financial privacy for a big government, communist-style CBDC.
The House has taken action to prevent this. It is time for the Senate to do the same.
thehill.com/opinion/472465…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Unelected bureaucrats in Washington D.C. should NOT be able to tell you what you can and can’t do with your money.
The time for crypto-friendly, stablecoin-friendly, digital asset-friendly legislation is here.
semafor.com/article/06/05/…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Crypto is not bipartisan, it’s nonpartisan. We need to ensure it stays that way. pic.x.com/gGYxJeJbA9
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The idea of a central bank digital currency is more than alarming, it is downright un-American.
I thank my colleagues who helped pass our CBDC Anti-Surveillance State Act this week. Digital currency policy must remain in the hands of the American people.
foxbusiness.com/politics/house…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Secretary Yellen is being dishonest when she says the Biden administration hasn't taken a position on central bank digital currencies.
This administration has made CLEAR they're willing to trade American’s right to financial privacy for a surveillance-style CBDC. pic.x.com/ANChvqG5nY
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
"By barring the Federal Reserve from issuing a U.S. CBDC to consumers, the CBDC Anti-Surveillance State Act would avoid the unnecessary risks to consumers and small businesses that a U.S. CBDC would pose. We thank Rep. Emmer for introducing this important legislation..." - @ICBA
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today, my CBDC Anti-Surveillance State Act will receive a vote in the House of Representatives.
See my remarks during the debate of the legislation below: pic.x.com/tyCTgZIP30
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
"We support the CBDC Anti-Surveillance State Act – legislation aimed at preventing a CBDC from being issued in the United States. Blockchain Association thanks Majority Whip Emmer for his continued leadership on this critical issue." - @BlockchainAssn
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
"...creation of a CBDC represents a massive expansion of government control over the economy, and it would trample on individuals’ rights...It is for these reasons we urge you to support…H.R. 5403, the CBDC Anti-Surveillance State Act." - @AFPhq
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @RepStefanik: House Republicans are defending Americans’ financial privacy with H.R. 5403, the CBDC Anti-Surveillance State Act.
I’m pr…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
BREAKING: The House of Representatives just passed our CBDC Anti-Surveillance State Act.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
"ALEC Action urges strong support for H.R. 5403, which would protect American citizens from the significant privacy and surveillance concerns inherent to central bank digital currencies (CBDCs)." - @ALEC_Action
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
"The CBDC Anti-Surveillance State Act is also necessary legislation. CBDCs not only crowd out private cryptocurrencies, but they are also an existential threat to consumer privacy protections." - @taxreformer, along with a coalition of conservative organizations
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
"Greater financial inclusion and fairness can be achieved without sacrificing citizens' privacy. The CBDC Anti-Surveillance State Act is an important first step towards restoring that privacy..." - @Restore_the4th
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @RepJeffDuncan: This week, the House will vote on HR 5043 the CBDC Anti-Surveillance State Act which prohibits a central bank digital cu…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
"We must never emulate the Chinese Communist Party’s social credit system, which they weaponize to punish citizens who disagree with the government by cutting them off from the economy. The CBDC Anti-Surveillance State Act would stop this dangerous behavior." - @A1Policy
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
"ABA believes strongly that a CBDC...is unnecessary in the United States and would present unacceptable risks and costs to the financial system...the ABA welcomes and strongly supports H.R. 5403, the CBDC Anti-Surveillance State Act..." - @ABABankers
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
"Heritage Action supports the CBDC Anti-Surveillance State Act and will include COSPONSORSHIP of this legislation on our legislative scorecard…The CBDC Anti-Surveillance State Act protects individual liberty and prevents threats of government coercion..." - @Heritage_Action
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The House is getting ready to vote on my CBDC Anti-Surveillance State Act.
We’ll be one step closer to ensuring unelected bureaucrats are NEVER allowed to trade Americans' financial privacy for a surveillance-style CBDC.
Here’s what key stakeholders are saying about our bill:
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The Biden Administration has proven they are itching to trade Americans’ right to privacy for a CCP-style CBDC surveillance tool.
The @HouseGOP is not going to let that happen. pic.x.com/3QEoNbCSgO
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @Heritage_Action: The CBDC Anti-Surveillance State Act will safeguard Americans' financial privacy in the face of potential surveillance…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @RepMaxMiller: This week I look forward to supporting @GOPMajorityWhip's CBDC Anti-Surveillance State Act to keep government in check.…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
A central bank digital currency would give unelected bureaucrats in D.C. the ability to monitor and restrict the American people's *individual purchases*.
Our CBDC Anti-Surveillance State Act prevents this and defends against the ever-expanding government surveillance state. pic.x.com/T58C3xWSWU
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @club4growth: 
Key Vote Alert! We're urging all Representatives to vote yes on the #CBDC Anti-Surveillance State Act. The creation of a…
Key Vote Alert! We're urging all Representatives to vote yes on the #CBDC Anti-Surveillance State Act. The creation of a…Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @PatrickMcHenry: This week, the House is taking a monumental step towards providing regulatory clarity for the U.S. digital asset ecosys…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @rep_stevewomack: CBDCs are a CCP-style surveillance tool that can be weaponized to oppress the American way of life.
I'm a proud cospo…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
We don’t make trade-offs with American’s rights.
This week, we will pass our CBDC Anti-Surveillance State Act to prohibit unelected bureaucrats at the Fed from stripping the American people of their right to financial privacy.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @RepFeenstra: I'm a proud supporter of @GOPMajorityWhip's CBDC Anti-Surveillance State Act.
We do not need a central bank digital curre…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The idea of a central bank digital currency is more than alarming, it is down-right un-American.
This week, the @HouseGOP will uphold the American values of privacy, individual sovereignty, and free-market competitiveness by passing my CBDC Anti-Surveillance State Act.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Any central bank digital currency that is not open, permissionless, and private-like cash-is nothing more than a big government surveillance tool.
This week, the @HouseGOP will take action to prevent the Fed from ever issuing one by passing our CBDC Anti-Surveillance State Act. pic.x.com/d55gwBOAUz
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @RepMarkGreen: This week, I will be voting in favor of the CBDC Anti-Surveillance State Act—a bill to ensure the Fed cannot create CBDCs…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @FinancialCmte: This week, @HouseGOP will take action to protect consumers and foster innovation with two landmark digital asset bills,…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Crypto has shifted economic power from centralized institutions back into the hands of the people.
The CBDC Anti-Surveillance State Act, the Securities Clarity Act, and FIT21 will provide the regulatory certainty needed to ensure that web3 is designed with our American values.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
This week, the House will take up two of my landmark pieces of legislation.
-The CBDC Anti-Surveillance State Act
-The Securities Clarity Act
These bills will ensure the future of crypto is determined by the American people – not @POTUS and the Administrative State.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Crypto is in the middle of a policy tug-of-war between the Administrative State and the American people.
Congress just passed the SAB 121 repeal on a bipartisan basis.
If Biden vetoes, it proves he wants to kill opportunities for Americans at the expense of Americans.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Digital asset innovation is a nonpartisan issue and we must work that way in Congress to ensure the digital asset ecosystem can thrive here in the United States.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today, we will vote to overturn @GaryGensler’s illegal SAB 121 rule.
This rule prevents banks from safeguarding digital assets for their customers, which only increases concentration risk in our market and puts American digital asset holders in a vulnerable position.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
These Wells notices seem to be Gary Gensler's desperate, last-ditch attempts to intimidate and antagonize digital asset innovators. x.com/TheBlock__/sta…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @FinancialCmte: Classifying #ETH as a security contradicts previous statements of the SEC and Chair Gensler.
Republicans will continue…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @RepBurgessOwens: The Fed needs to keep its hands out of our wallets. I'm proud to join @GOPMajorityWhip Tom Emmer's CBDC Anti-Surveilla…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The @SECGov deserves more funding for crypto enforcement.
April Fools!
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The SEC and the CFTC have an extensive record asserting that Ethereum is NOT a security. So why does Prometheum, an SEC-registered broker-dealer, plan to custody ETH?
I led a letter with @FinancialCmte and my colleagues to @GaryGensler to get some answers. x.com/FinancialCmte/…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Banks are the backbone of our free market system and keep Main Street alive.
A CBDC would only centralize power and compromise Americans’ right to privacy.
bankingjournal.aba.com/2024/03/rep-em…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The Biden administration sees it as their "key duty" to abandon our core American values and create a surveillance-style CBDC.
Let me be clear:
A government tool for financial surveillance will NOT happen so long as House Republicans are in the majority.
decrypt.co/221752/federal…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @RepDonaldsPress: CBDC would give the federal government absolute control over your money.
This is a dangerous threat to freedom.
It i…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
If you don’t think the Fed is pursuing a CBDC, think again.
The Fed gave this to my staff during a presentation earlier this Congress. They view a CBDC as one of their KEY DUTIES. pic.x.com/0LcdWBKk58
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
“CBDCs present major privacy concerns for everyday Americans, including granting the government the ability to collect intimate personal details on U.S. citizens, and potentially track and freeze funds for any reason.” -@BlockchainAssn
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
My bill, the CBDC Anti-Surveillance State Act, garnered significant momentum this week:
- 120 cosponsors
- Broad coalition support
- Reintroduction of @SenTedCruz's Senate companion
Here's what stakeholders are saying about this important legislation:
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
“ABA has long believed that a CBDC would pose significant risks to our financial system that would outweigh any potential benefits, including undermining the critical role that banks play in extending credit and powering the economy.” -@ABABankers
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
"By barring the Federal Reserve from issuing a U.S. CBDC to consumers, the CBDC Anti-Surveillance State Act would avoid the unnecessary risks to consumers and small businesses that a U.S. CBDC would pose." -@ICBA
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
"The CBDC Anti-Surveillance State Act is a momentous step that would clarify and reassert that only Congress can authorize and regulate forms of exchange." -@A1Policy
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
"The creation of a U.S. CBDC would threaten the financial health of the country and the constitutional rights of law-abiding Americans." -@club4growth
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
"Anti-CBDC legislation is necessary to safeguard Americans' financial privacy in the face of potential surveillance, control, and political intimidation... We will be issuing a Key Vote Cosponsorship in support of Whip Emmer and Senator Cruz’s bill..." -@Heritage_Action
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The OMB cannot abuse its “emergency” authorities to allow agencies like the EIA to ridiculously claim bitcoin miners are a threat to public safety and subject this industry to new, unvetted rules and regulations.
It’s an abuse of power and it ends here. x.com/EleanorTerrett…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @RepDanBishop: CBDCs are a direct threat to every freedom we hold dear.
If this tyranny is allowed to take hold in America, a Chinese-…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Any CBDC that is not open, permissionless, and private – like cash – is a surveillance tool that will be mobilized to oppress the American way of life.
I am proud to have @SenTedCruz lead the Senate companion of our CBDC Anti-Surveillance State Act. x.com/SenTedCruz/sta…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @BlockchainAssn: 1/ CBDCs present major privacy concerns for everyday Americans, including granting the government the ability to collec…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Great news! The Energy Information Administration is backing down on its “emergency” demand for Bitcoin miners to share proprietary information.
We rejected this administration’s abuse of emergency authority, and common sense prevailed.
Background: foxbusiness.com/politics/top-h…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Bitcoin mining is not a threat to public safety. Period.
The OMB's abuse of its emergency powers to attack Bitcoin miners demands an explanation.
Read my letter to the OMB below.
foxbusiness.com/politics/top-h…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Senators are writing legislation based on the Wall Street Journal's inaccurate reporting. Since Treasury has accurate data, it has an obligation to correct the record on the size of Hamas's digital asset fundraising efforts.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today, I asked Treasury's Head of FinCEN and OFAC about the WSJ's reporting on Hamas's digital asset fundraising campaign.
Undersecretary Nelson CONFIRMED, on the record, that the WSJ's numbers were inaccurate and that crypto was not even a popular tool for Hamas terrorists. pic.x.com/Y2nSJfe3Lk
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I agree with President Trump; CBDCs pose a serious threat to Americans' right to financial privacy.
I look forward to working with him as we continue the fight against the expanding government surveillance state.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Congressional Republicans have been fighting against the implementation of a surveillance-style CBDC.
My bill, the CBDC Anti-Surveillance State Act, has 75 cosponsors and we are continuing to build support.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The FSOC hides in a black box, shielded from Congressional oversight. It designates industries as “systemically risky,” and has been weaponized to wield that power to carry out political agendas rather than protect the market at large.
Case in point: digital assets.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
In 2022. the White House threatened to unleash the FSOC on the digital assets industry unless Congress enacted the White House’s preferred, explicitly anti-crypto, legislation.
This is unacceptable.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Navigating Gary Gensler’s regulatory approach to digital assets is like playing hopscotch in a minefield. Blindfolded.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
My bill to protect Americans’ right to financial privacy, the CBDC Anti-Surveillance State Act, is up to 75 cosponsors, and we will keep growing support.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Digital assets aren’t the enemy. They are a tool for trust, transparency, and individual liberty.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
In July, we passed the Blockchain Regulatory Certainty Act out of Committee to streamline one of the largest barriers to entry in the digital asset space: money transmission regulation.
x.com/GOPMajorityWhi…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Without opposition, in November the House passed my appropriations amendment barring the SEC from using taxpayer dollars on its abusive crypto enforcement tirade until Congress passes legislation giving the SEC jurisdiction over this industry.
x.com/GOPMajorityWhi…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
In September, my CBDC Anti-Surveillance State Act passed out of the @FinancialCmte.
This is a historic step in defense against the ever-expanding government surveillance apparatus. The bill is cosponsored by 75 Members of Congress.
x.com/GOPMajorityWhi…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @blockchaintpsht: .@MajorityWhipGOP Tom Emmer spoke to blockchain tipsheet yesterday about the state of digital assets legislation in Co…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @BlockchainAssn: 1/ “I make it clear everywhere I go, it’s not Republicans vs. Democrats on crypto…the industry you’re in is a non-parti…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
In case you missed it…
Last week, I joined @ThinkingCrypto1 to discuss how Congress can provide clear rules of the road to bring the industry back onshore and hold unelected bureaucrats like @GaryGensler accountable for abusing SEC enforcement powers. x.com/ThinkingCrypto…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Congressional resources should instead be spent working to bring more crypto activity and opportunities onshore to bolster U.S. national security.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Congress does not need to rewrite laws that work in the crypto space. Yesterday’s successful prosecution shows that when enforced, current laws are suitable to help weed out bad actors.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I, along with @PatrickMcHenry, @RitchieTorres, and @RepFrenchHill, led a bipartisan letter requesting the Biden administration utilize the open blockchain ledger to assess the footprint of Hamas’s digital asset fundraising campaign. foxnews.com/politics/bipar…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Answers to our inquiry will help Congress understand the size, scope, and duration of Hamas's digital asset fundraising campaign and the United States' ability to target bad actors while supporting legitimate digital asset use. pic.x.com/l0CkShJseD
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
.@GaryGensler is as ineffective as he is incompetent. Fortunately, my nonpartisan appropriations amendment to reign in SEC enforcement abuses against the digital asset industry passed the House today with no opposition.
Congress will hold unelected bureaucrats accountable. pic.x.com/TGaaW8I0Eu
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
My amendment prohibits the SEC from using taxpayer-funded resources to pursue enforcement actions against the digital asset industry until Congress passes legislation that authorizes regulatory enforcement jurisdiction.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @FinancialCmte: #ICYMI: The CBDC Anti-Surveillance State Act, sponsored by @GOPMajorityWhip, got the green light at last week's markup.…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @PatrickMcHenry: #ICYMI: @FinancialCmte advanced legislation to prohibit the @federalreserve from issuing a #CBDC without Congressional…
#ICYMI: @FinancialCmte advanced legislation to prohibit the @federalreserve from issuing a #CBDC without Congressional…Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Digital assets are here to stay. My bill makes sure unelected Washington bureaucrats can’t weaponize them to monitor Americans’ private financial data. washingtonexaminer.com/policy/economy…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @BlockchainAssn: CBDCs present major privacy concerns for everyday Americans, including granting the government the ability to track all…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The Financial Services Committee is set to vote on my bill, the CBDC Anti-Surveillance State Act, today. Watch my remarks from the debate: pic.x.com/C4S3okdl0w
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @EleanorTerrett: NEW: @GOPMajorityWhip’s anti-CBDC bill has just passed out of the House Financial Services Committee.
NEW: @GOPMajorityWhip’s anti-CBDC bill has just passed out of the House Financial Services Committee.Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The first anti-CBDC bill in the United States passed out of the Financial Services Committee today! A historical step in defending against an ever-expanding government surveillance state. x.com/GOPMajorityWhi…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Thank you, @FinancialCmte for considering my legislation, the CBDC Anti-Surveillance State Act, today.
emmer.house.gov/2023/9/emmer-r…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
If not open, permissionless, and private – like cash – a CBDC is nothing more than a CCP-style surveillance tool that can be weaponized to oppress the American way of life.
We’re not going to let that happen – not on House Republicans’ watch. pic.x.com/XVq6ySu0Xc
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today, with 49 of my Republican colleagues, I reintroduced the CBDC Anti-Surveillance State Act
foxbusiness.com/markets/gop-ta…Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Why: The administration has made it clear: President Biden is willing to compromise the American people’s right to financial privacy for a surveillance-style CBDC.
I don’t believe in compromising Americans’ rights.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Bottom Line: If not open, permissionless, and private - like cash - a CBDC is nothing more than a CCP-style surveillance tool that can be weaponized to oppress the American way of life.
Thank you @FinancialCmte for considering my bill this month.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
What: My updated bill prohibits the Fed from issuing a retail CBDC while protecting innovation and any future development of true digital cash.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
That is why I'm planning to sponsor an appropriations amendment that restricts the SEC's use of funds on digital asset enforcement until there are clear rules and regulations in place.
Read more below
majoritywhip.gov/news/documents…
majoritywhip.gov/news/documents…Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
1. SEC loses on Ripple...
2. SEC loses on Grayscale...
We will see how pending litigation plays out, but it should be increasingly obvious to policymakers that, despite @GaryGensler's mass marketing campaign, crypto is not an industry "rife with noncompliance." x.com/GOPMajorityWhi…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The Federal Reserve has proven itself to be incompetent.
I’m proud to support @PatrickMcHenry’s Clarity for Payment Stablecoins Act with his commitment to work with me to roll back the Fed’s power and authority in this bill.
Watch my remarks in @FinancialCmte pic.x.com/84UVYGkP78
pic.x.com/84UVYGkP78
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
"The Blockchain Regulatory Certainty Act ensures American digital asset innovations can continue to thrive here in the United States. We urge members of the committee to vote in favor of this bill." - @BlockchainAssn
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The BRCA provides the digital asset ecosystem regulatory certainty to keep innovating in the United States so the future digital economy reflects American values.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
My remarks on @PatrickMcHenry/@CongressmanGT's digital asset market structure bill pic.x.com/FJkHWUii3x
pic.x.com/FJkHWUii3x
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
"The basic protections provided by H.R. 1747 represent a core building block in providing a foundation for future responsible innovation here in the United States." - @crypto_council
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The Blockchain Regulatory Certainty Act has garnered support from every sector of the digital asset ecosystem.
Here's what they're saying about mine and @RepDarrenSoto's nonpartisan bill:
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today, the @FinancialCmte will begin debating my nonpartisan bill with @RepDarrenSoto, the Blockchain Regulatory Certainty Act. Our bill provides regulatory certainty so the decentralized economy can be built by Americans, with American values.
Tune in:
youtube.com/watch?v=cw4hdr…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @fund_defi: 1/ There are several crypto bills being marked up in @FinancialCmte this week.
First up: The bipartisan Blockchain Regulato…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Crypto will thrive with or without the U.S.
Congress must step into the driver’s seat and pass a bill that provides the American people and industry with regulatory clarity, certainty, confidence, and competitiveness. Anything less is unacceptable.
Watch my Committee remarks: pic.x.com/DlwNyoMZal
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Every day, we are working to educate fellow Members of Congress on the dangers of central bank digital currencies.
My bill, the CBDC Anti-Surveillance State Act, is up to 26 cosponsors, and we’re just getting started
emmer.house.gov/2023/2/emmer-l…C
emmer.house.gov/2023/2/emmer-l…CVery pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
“This is the smartest approach we have seen to provide clarity about how securities law applies to digital assets.” - @coincenter pic.x.com/KMBcJz23Z8
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
“The Securities Clarity Act would go a long way towards providing regulatory clarity for the securities treatment of digital assets and we are proud to support its reintroduction.” - @BlockchainAssn pic.x.com/buD8zBt6rw
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
“We commend Rep. Tom Emmer and @RepDarrenSoto for their commitment to American innovation with the reintroduction of this important bipartisan legislation…” - @crypto_council pic.x.com/7SEllHY5KE
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Last week, I introduced the Securities Clarity Act with @RepDarrenSoto which clarifies the regulatory classification of digital assets to provide market certainty for innovators and clear jurisdictional boundaries for regulators.
Here’s what others are saying about our bill:
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
@RepDarrenSoto The Securities Clarity Act inserts a key term, the “investment contract asset,” into existing securities law to enable crypto projects to reach their full potential in a compliant way, allowing the United States to compete globally in this next iteration of the internet.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
@RepDarrenSoto Without a distinction between the asset and the securities contract, token projects that raise capital to fund development cannot move out of the securities framework once the project is decentralized, which hinders the utility of the project and ultimately harms token holders.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
@RepDarrenSoto We appreciate the broad community support on this legislation from @CoinCenter, @BlockchainAssn, @DigitalChamber, and @crypto_council.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today, I introduced the Securities Clarity Act with @RepDarrenSoto. This bill clarifies the regulatory classification of digital assets and provides market certainty for innovators and clear jurisdictional boundaries for regulators. pic.x.com/xgsLAm2Yhh
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
@RepDarrenSoto @coincenter @BlockchainAssn @DigitalChamber @crypto_council Read the bill here: emmer.house.gov/_cache/files/4…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @Protectaxpayers: The Limit, Save, Grow Act of 2023 introduced by House GOP leadership is a strong start to addressing the nation’s defi…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @FinancialCmte: #WATCH: @GOPMajorityWhip Tom Emmer skewers Chair Gensler for his regulation by enforcement approach to digital assets' f…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
He’s finalized ZERO rules for crypto companies to comply with…
yet he abuses the SEC’s enforcement powers against them: pic.x.com/jn30XimsLP
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
He was the “cop on the beat” when the biggest crypto frauds collapsed, doing nothing to stop these criminals before they defrauded Americans: pic.x.com/F4o0gT7Oid
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
We should never sacrifice decentralized money.
Thank you, @DigitalChamber, for inviting me to join you all today. pic.x.com/reJIepS5t6
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
If you want to assume unelected bureaucrats are going to do the things you expect them to do, you do that at your own risk. This Administration is already moving in the direction of a CBDC, and the events of this week have only made that more clear. pic.x.com/JAtCpUgaSm
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
“Any buyer of Signature must agree to give up all the crypto business at the bank, the two sources added.” 
reuters.com/business/finan…
reuters.com/business/finan…Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
It's clear the Biden administration is weaponizing market chaos to kill crypto.
This is why I sent an investigative letter to FDIC Chairman Gruenberg seeking additional information yesterday. pic.x.com/oPr3WLZtk3
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today, I sent a letter to FDIC Chairman Gruenberg regarding reports that the FDIC is weaponizing recent instability in the banking sector to purge legal crypto activity from the U.S. pic.x.com/fDmaA0XGWv
pic.x.com/fDmaA0XGWv
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The Blockchain Regulatory Certainty Act
The Securities Clarity Act
The Safe Harbor for Taxpayers with Forked Assets Act
The CBDC Anti-Surveillance State Act
The future of crypto in the US will be determined by Congress and the American People - not the Administrative State. pic.x.com/OQ0uwxjVxX
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
An unelected bureaucrat stating a willingness to trade your right to financial privacy for a surveillance-style U.S. CBDC
home.treasury.gov/news/press-rel…
home.treasury.gov/news/press-rel…Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The bill does three things:
1. Prohibits the Fed from issuing a CBDC directly to anyone.
2. Bars the Fed from using a CBDC to implement monetary policy and control the economy.
3. Requires the Fed's CBDC projects to be transparent to Congress and the American people
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today, I introduced the CBDC Anti-Surveillance State Act to halt efforts of unelected bureaucrats in Washington, DC from stripping Americans of their right to financial privacy. pic.x.com/lONbHFZMk7
pic.x.com/lONbHFZMk7
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Crypto is here to stay. I will keep advocating for policies that advance crypto innovation and adoption in the United States because crypto is more than a financial investment: it’s about restoring liberty and choice to individuals.
coindesk.com/consensus-maga…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Nearly 5 months later, Treasury responded to our inquiry about OFAC’s sanctioning of Tornado Cash smart contracts… decentralized, immutable contracts that enable transaction privacy on public blockchains. pic.x.com/jVz70JK3Cq x.com/GOPMajorityWhi…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
.@GaryGensler and the SEC had more meetings with SBF and FTX/IEX than anyone else in crypto, allegedly to craft a special regulatory framework designed to benefit FTX alone.
Making backroom regulatory deals with bad actors is not a tool in the SEC’s toolbox. x.com/GaryGensler/st…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The failure of FTX is not a failure of crypto, it is a failure of centralization.
DeFi is the point. pic.x.com/TuamGCPcba
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The US remains a tech leader not because we force innovators to adopt our values, but because we allow tech that holds these values at their core to flourish.
What happens if the US issues a CBDC that doesn’t reflect American values?
My op-ed
americanbanker.com/opinion/the-u-…
americanbanker.com/opinion/the-u-…Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Probably a good time to re-up my bipartisan Blockchain Regulatory Certainty Act.
The bill asserts that blockchain entities that never custody consumer funds are not money transmitters… providing necessary legal certainty to ensure the future of crypto reflects American values.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
So @GaryGensler knows that FTX was fraudulent from its inception.
This is egregious considering he had more meetings with Bankman-Fried than anyone in the space to discuss a crypto regulatory framework designed to benefit FTX alone.
He will be held accountable. pic.x.com/LkkOMfc5TP
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The Caucus received info from several sources (FTX, as we’ve said repeatedly, was not one of them) that @GaryGensler's efforts to gather info on crypto companies were not targeted, intentional, or clear; rather, the SEC's requests were haphazard and unfocused.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
We now know Gensler's crypto information-gathering efforts were ineffective.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Gensler has repeatedly dodged Congress at the expense of investors (hasn’t publicly appeared before the House Financial Services since October 5, 2021), leaving us to learn about the SEC's crypto investigations, like the one into FTX, through the media.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Project Hamilton is an initiative between the Boston Fed and MIT to research the potential development of a U.S. CBDC & the private sector's role must be transparent. No government body should be in the business of picking winners and losers in private industry.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I sent a letter with @PatrickMcHenry to the Boston Fed concerning allegations that some firms participating in "Project Hamilton" might intend to use govt. resources to design a CBDC under the Fed’s watch with the intent to then sell those products to commercial banks. pic.x.com/a3vaK4MPkq
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
.@SenTedCruz and I have introduced legislation that will prevent the Federal Reserve from ever issuing a CBDC directly to individuals.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
We were concerned in March that @GaryGensler was taking an indiscriminate and inconsistent approach to oversight of the crypto community. x.com/GOPMajorityWhi…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
FTX's collapse is not a crypto failure. It's a failure with CeFi, @GaryGensler, and Sam Bankman-Fried. Decentralization is the point. Watch below for more thoughts pic.x.com/VYacafc0ZD
pic.x.com/VYacafc0ZD
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Decentralization is the point. If we sacrifice DeFi for legislation, we’re throwing away the opportunity.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
After years of pushing for crypto accounting standards, FASB’s new rule is a win for institutional crypto adoption. Clear, logical accounting standards for companies w/ crypto on their balance sheets adds transparency to the market and protects investors.
wsj.com/articles/fasb-… x.com/GOPMajorityWhi…
wsj.com/articles/fasb-… x.com/GOPMajorityWhi…Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
We’ll be very clear: There is no alternative to authorizing a CBDC other than through legislation. And Congress won’t approve a CBDC unless it’s open, permissionless, & private. I commend @RepFrenchHill & @PatrickMcHenry for leading this letter and am proud to support.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The Biden Admin wrote a report on how they could issue a CBDC behind the back of Congress and the American people. Now, they aren't sharing that report with Congress. x.com/RepFrenchHill/…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @FinancialCmte: The Biden Admin continues to focus almost exclusively on the potential risks posed by digital assets, instead of their o…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I was honored to receive the @crypto_council Digital Future Award.
The crypto community will build with or without us. We will continue to work to make the United States an environment where this technology can thrive. pic.x.com/BdqxRHi4Fg
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The Administration must embrace the benefits of open, permissionless & private digital assets, rather than place prominence on central bank digital currencies, the benefits of which remain confounding. (2/2)
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Disappointed to see that this incomplete response from Treasury does not consider Americans’ constitutional right to privacy while sanctioning of neutral, open-source, decentralized privacy software. home.treasury.gov/policy-issues/… x.com/GOPMajorityWhi…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The more of our liberty and privacy we sacrifice, the greater the threat of tyranny becomes.
Crypto creates freedom.
axios.com/2022/08/30/tom…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @MeriTalk: In this MerITocracy Moment, @RepTomEmmer shares how overregulating #cryptocurrencies could drive #innovators and #entrepreneu…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I sent a letter to Treasury Secretary Yellen regarding the unprecedented sanctioning of Tornado Cash. The growing adoption of decentralized technology will certainly raise new challenges for OFAC. Nonetheless, technology is neutral and the expectation of privacy is normal.
https://t.co/0aN4a4A6tb
https://t.co/0aN4a4A6tb
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Unelected bureaucrats and regulators do not get to politicize the rules of the road or hold the keys to opportunity.
Listen to my recent conversation with @ThinkingCrypto1 here:
youtube.com/watch?v=7GEv1C…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
ICYMI: In June, I sent a bipartisan letter with @RepAuchincloss to Fed Chair Powell seeking information on the federal government's digital asset holdings. pic.x.com/gf3mK48rdY
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
If that is the case, the US would be a large digital asset holder, able to materially impact market trends through sales or purchases. Congress must have insight from the Fed so we can establish informed regulatory guidelines.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
US law enforcement regularly captures and seizes cryptocurrency and auctions that crypto off to the public. This process is not transparent, and there are reports that, as of February 2022, the US government owned over $4 billion in Bitcoin alone.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Viewing crypto as merely a financial investment misses the entire point.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The crypto community will build with or without us. Congress’s job is to develop common-sense, innovation-forward regulations so opportunities stay here at home and Americans can adopt this technology with confidence.
forbes.com/sites/zengerne…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
This weekend, I had the chance to tour @RiotBlockchain’s Bitcoin mining facility, Whinstone, built with the help of Industrial Louvers Inc. based in Delano, MN! pic.x.com/YttOhyHTea
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Americans are right to be concerned. For instance, China has already created a CBDC that can be used to spy on citizens and marginalize political dissidents.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I have introduced legislation to prevent the Fed from issuing a CBDC directly to Americans. emmer.house.gov/press-releases…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The Fed report pitched a CBDC that would supposedly ensure privacy while also prioritizing user-identification. But “privacy” and “identification” are irreconcilable.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Over 70% of public respondents to the Fed’s report on central bank digital currency DO NOT support the U.S. developing a CBDC. cato.org/blog/72-commen…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @FinancialCmte: It’s unclear what problems, if any, a U.S. #CBDC would solve.
Committee Republicans believe #stablecoins—if issued unde…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Any U.S. backed CBDC must be open, permissionless, and private.
Anything less than that is nothing more than a government surveillance tool.
We must understand the problems a CBDC could solve before considering launching one.
theamericanconservative.com/articles/biden…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Self-directed 401(k) accounts should be… self directed. Congress will ensure the government cannot prohibit Americans from investing part of their self-directed 401(k) accounts in Bitcoin or any other assets.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
.@FinancialCmte wants to understand what problems a CBDC would solve BEFORE we create and launch one.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
This is why, ahead of next week’s Financial Services Committee hearing on CBDCs I joined @PatrickMcHenry and the @FinancialCmte in a letter to @FederalReserve Chair Jerome Powell concerning the Fed’s recent CBDC white paper.
x.com/FinancialCmte/…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
.@GaryGensler, you put all of the SEC’s taxpayer funded resources into crypto crackdowns. Now you don’t have the funds to do your actual job so you’re coming to Congress for more? You’ve got to be kidding me. pic.x.com/L1fH5Cd57m
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
ICYMI: FASB will (finally) establish crypto accounting standards. See our nonpartisan letter about this issue below. 
https://t.co/ymjXCou8xD
https://t.co/ymjXCou8xDVery pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The future of crypto, web3, and the “ownership economy,” cannot and must not be dictated by any entity that is supposed to be independent, but instead takes its cues from a political agenda. 
pic.x.com/VKZA1OpfTa
pic.x.com/VKZA1OpfTa
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
For that reason, I introduced the FSOC Reform Act, which brings the FSOC under congressional oversight and increases the transparency of the council. The future of crypto will be decided by the American people, not bureaucrats. pic.x.com/9BblUvXQkg
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Instead, the PWG wants Congress to pass stablecoin legislation that doesn’t have consensus in Congress, not even amongst Committee Democrats, and is threatening to utilize the "independent" FSOC as a vehicle to circumvent Congress and the American people on digital asset policy.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today, Secretary Yellen confirmed that the FSOC is not supposed to take direction from the White House, as that would compromise the independence of the council. This doesn’t seem to be the case when it comes to digital assets and stablecoins…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
If Congress doesn’t pass the legislation the Admin wants us to pass? Doesn’t matter. The stablecoin report & the crypto EO both direct FSOC to find risks with digital assets and stablecoins - once they label it as systemically risky, regulators can move forward with their agenda.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Congress has recognized that this bureaucratic regulatory posture on digital assets is unproductive. So, we are working together, across the aisle, to find solutions that will allow the United States to lead in digital asset policy.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
FYI - @GaryGensler responded to our bipartisan oversight letter on the SEC’s crypto info collection process. Gensler’s response doesn't provide Congress with the specific data and insights we requested in our 13 questions.
Don’t worry, CT, we will obtain this information. pic.x.com/PnbcFWnjMN x.com/GOPMajorityWhi…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
#ICYMI
Last week, I joined @AshBennington on @RealVision to discuss the ongoing conversation around crypto regulation in Washington, D.C.
Watch here:
realvision.com/shows/cryptove…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The SEC’s announcement to nearly double the size of its crypto enforcement unit does not seem very technology neutral.
pic.x.com/CMumbAxiW7
pic.x.com/CMumbAxiW7
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I wonder how many taxpayer dollars are being wasted in @GaryGensler’s personal crusade against the crypto industry?
cnbc.com/2022/05/03/sec…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The Digital Commodity Exchange Act, reintroduced today by my friend @CongressmanGT, gives the CFTC the authority to regulate crypto spot markets - streamlining regulation for exchanges and providing a place for tokens deemed not securities (digital commodities) to trade.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I’ve been working with @CongressmanGT, @RepRoKhanna, and @RepDarrenSoto (members of the Blockchain Caucus) on two pieces of sensible, pro-crypto legislation that recognize a token is separate and distinct from a securities offering… because U.S. framework should reflect that.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
ICYMI
Last week I joined @Avery_Akkineni on @GaryVee’s #MarketingForTheNow. We had a great discussion about my recent crypto legislation, web3, and CBDCs.
Watch here:
youtube.com/watch?v=i3Nd9A…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Any central bank digital currency that is not open, permissionless, and private – like cash – is simply a surveillance tool. I am proud to have @SenTedCruz lead the Senate companion of my CBDC legislation.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The U.S. is not “behind China on crypto.” CBDCs are not crypto – they’re a government surveillance tool. Crypto creates freedom, it doesn’t destroy it.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Crypto donations to Ukraine have totaled almost $100 million.
40% of the vendors supporting Ukraine have accepted crypto as payment.
Banks in Ukraine are not operating. Crypto exchanges are operating 24/7.
Crypto is essential.
https://t.co/mXmwG7JPqfVery pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Yes! Also, any US CBDC must be open, permissionless, and private - like cash. x.com/RepBryanSteil/…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
This is why I sent a bipartisan letter today to SEC Chair @GaryGensler with @RepDarrenSoto, @WarrenDavidson, @RepAuchincloss, @RepDonaldsPress, @RepJoshG, @RepTedBudd, and @RepRitchie regarding the SEC’s crypto information seeking process. pic.x.com/8HcTgZA0XL
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Crypto startups must not be weighed down by extra-jurisdictional and burdensome reporting requirements. We will ensure our regulators do not kill American innovation and opportunities.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
My office has received numerous tips from crypto and blockchain firms that SEC Chair @GaryGensler’s information reporting “requests” to the crypto community are overburdensome, don’t feel particularly… voluntary… and are stifling innovation.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Fortunately, there are decentralized payment tools that preserve the democratic values that are so integral to the free world. I am dedicated to ensuring Americans have financial tools that, like cash, are open, permissionless, private, and resilient to intermediated control.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Shifting to a cashless economy is inevitable, but we should never surrender decentralized money.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
2) The EO places the “highest urgency” on the agencies to study CBDCs. Any commonsense analysis of a potential U.S. CBDC that is not open, permissionless, and private would illuminate that the very idea is an entire nonstarter and a disservice to Americans.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
(The @BlockCaucus has been advancing a pro-crypto legislative and oversight agenda for the past 8 years.)
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Overall, it’s critical that we maintain tech and economic leadership on the global stage and I look forward to continuing to work to find bipartisan solutions to keep our great crypto community right here in the United States.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Crypto, tokenization, blockchain, NFTs, smart contracts, & stablecoins are powering a more viable economic structure with individual autonomy. As a country, it’s imperative that we develop a strategy to foster this innovation.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
3) Most fortunately, the EO doesn’t ask the SEC to weigh in. SEC Chair Gensler has spent the past year intimidating crypto innovators and entrepreneurs with his unproductive regulation by public statement and enforcement action. His input is not critical.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Sec. 1 findings of the EO are sound: We have a national interest in fostering digital asset innovation. The rest of the EO focuses on consumer protection, systemic risks, global competitiveness, international standards, and placing guardrails on code to make sure its resilient.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Given this Admin’s regulatory posture toward the crypto community, we have no reason to assume that the directives in the EO will yield results that appropriately acknowledge the importance of leading w. digital asset policies that prioritize open, permissionless, & private tech.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
As expected, this Executive Order directs various federal agencies to study benefits and risks of digital assets to our economy/global competitiveness and provide legislative recommendations.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Just finished reviewing Biden’s Executive Order on Digital Assets… Here are a few thoughts:
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Crypto is one of the only ways to securely and reliably get funds into Ukraine. Let’s focus on that & not spew misinformation that has been discredited by Treasury officials.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Another bad take. US-regulated crypto exchanges are compliant with sanctions -- that fact alone highlights the need to foster crypto innovation domestically and not push it offshore.
coindesk.com/policy/2022/03…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Nothing makes the case for crypto more than a government freezing bank accounts to suppress free speech…
pic.x.com/Ud8ZtoMy3h
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Last week, I joined the @BanklessHQ podcast to discuss the future of crypto in the United States.
Listen here
https://t.co/iJVlhrtmsU
https://t.co/iJVlhrtmsUVery pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today, I discussed the President’s Working Group Report on stablecoins' dangerous lack of nuance. See my remarks here
https://t.co/fNK9KVNjth
https://t.co/fNK9KVNjthVery pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The report:
Doesn't provide a definition for stablecoin
Asserts that both bank-like products & investment-like products could be stablecoins
Abuses this ambiguity to ask Congress to lump these assets together & hand them solely to the banks
I'm not on board with that.
Doesn't provide a definition for stablecoin
Asserts that both bank-like products & investment-like products could be stablecoins
Abuses this ambiguity to ask Congress to lump these assets together & hand them solely to the banks
I'm not on board with that.Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Good to give Americans more access to the digital asset ecosystem through the traditional markets.
coindesk.com/markets/2022/0…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
We should logically be able to use crypto for everyday, small dollar transactions. Our tax code shouldn’t complicate that. Proud to support @RepDelbene’s very commonsense bill. pic.x.com/FMHs5UX6Xz
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @HesterPeirce: The string of bitcoin spot ETP denials has continued into 2022. The rationale underlying them doesn't get any better wit…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Another day, another baseless rejection of a Bitcoin spot ETF.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I joined a bi-partisan group urging @SecYellen to provide clarity on reporting requirements for crypto. The United States must create an environment where this technology can continue to thrive onshore. Read our letter here: emmer.house.gov/press-releases…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
My bottom line thought on the Fed’s CBDC report: We’ve waited a long time for this opaque report.
What this report really clarifies? The Fed seeks to fit the future of financial transactions in the US into the box of the legacy financial structure.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I encourage the crypto community to provide comments and feedback to the Fed by May 20, 2022. federalreserve.gov/publications/f…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Recently, I joined @ThinkingCrypto1 to discuss my new CBDC legislation, Bitcoin spot ETF, and the future of the @BlockCaucus. Listen to the podcast here: youtu.be/vpdpAwavtWU
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @CatoCMFA: Last week, @RepTomEmmer introduced legislation to prohibit the Federal Reserve from issuing a CBDC to individual customers.…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @CoinDesk: LIVE: @RepTomEmmer proposes a bill to limit the Fed's ability to issue CBDCs, crypto's quantum computing problem and more.
F…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @BitcoinMagazine: The SEC refusing to approve a spot #bitcoin ETF is "driving American innovation and opportunity out of this country."…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Not only does this CBDC model raise “single point of failure” issues, leaving Americans’ financial information vulnerable to attack, but it could be used as a surveillance tool that Americans should never be forced to tolerate from their own government.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Requiring users to open an account at the Fed to access a United States CBDC would put the Fed on an insidious path akin to China’s digital authoritarianism.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Any CBDC implemented by the Fed must be open, permissionless, and private. This means that any digital dollar must be accessible to all, transact on a blockchain that is transparent to all, and maintain the privacy elements of cash.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
CBDCs that fail to adhere to these three basic principles could enable an entity like the Federal Reserve to mobilize itself into a retail bank, collect personally identifiable information on users, and track their transactions indefinitely.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
As other countries, like China, develop CBDCs that fundamentally omit the benefits and protections of cash, it is more important than ever to ensure the United States’ digital currency policy protects financial privacy, maintains the dollar’s dominance, and cultivates innovation.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @jerallaire: Chairman Powell today - Dollar Stables and future CBDCs will co exist. We agree. But let’s get behind the digital dollars t…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @BitcoinMagazine: Pro-#Bitcoin US Senator Tom Emmer: New legislation "coming soon" pic.x.com/2QQBcRQnu8
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today, I spoke @CES on the future of crypto regulation in the United States! #CES2022 [Photo credit: Consumer Technology Association] pic.x.com/VIewepjYVv
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
That said, we still have foundational questions to answer. What digital assets are securities/commodities/currency? Lots to figure out, but we have all of 2022 to gear up for it so we can pass critical legislation when the agenda and priorities change after the midterms.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
1. McHenry's Keep Innovation in America Act - this is a good fix for the crypto pay-for in the infrastructure bill.
2. My bill, the Securities Clarity Act - helps determine when a token is offered as part of a securities contract or not.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
2. @FinancialCmte: Congress can't ignore crypto anymore. @PatrickMcHenry prioritized crypto policy for Republicans on the Committee. Maxine Waters, the Chair, followed suit to some degree, but Ds typically lean skeptical for investor protection and environmental reasons.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
This may lead some to think crypto policy is becoming partisan - it is not. Education is key to orange pilling, and FSC's last crypto hearing reaffirmed that crypto is very much still nonpartisan.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
This Congress, I put pressure on our regulators on everything from crypto tax to BTC ETFs to crypto accounting standards and much more.
There's a lot of work to be done, and a focus on stablecoins, CBDCs, BSA/KYC, mining, and tax will be top of mind for Congress.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
4. Industry: Many incredible organizations educate Members + their staff. There are three keystone groups: @coincenter (a think tank), @BlockchainAssn and @DigitalChamber. More groups are coming on the scene to represent crypto interests. We are immensely grateful to all.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
3. Senate Banking + Finance Committees: In wake of the Infrastructure bill fiasco and misguided crypto tax amendment, key members on these committees spoke out and supported legislative fixes. This helped identify members willing to lead on crypto in the Senate.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Now for a recap of what's been done:
In 2021, Congress introduced 35 crypto bills. There are several bipartisan, industry supported proposals on the table. I have introduced three bipartisan crypto bills and have cosponsored many more. forbes.com/sites/jasonbre…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I've been co-leading the bipartisan Blockchain Caucus with @RepDarrenSoto. As 2021 wraps up, I wanted to update you on the Caucus, my work and what we need to accomplish in 2022 to support crypto and web3 innovation in the US.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
3. @CongressmanGT 's bill, the Digital Commodities Exchange Act, gives the CFTC the authority to regulate crypto spot markets.
4. And finally, a SEC token safe harbor bill that takes an issuer from issuance to decentralization. McHenry has one that mimics Hester's proposal
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Let's start with the different actors on the Hill moving crypto policy:
1. @BlockCaucus: We're a group of 40+ Republicans & Democrats who work together to advance a commonsense regulatory approach for web3. The Caucus's support has become instrumental to advancing web3 policy.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Even when 60% of the world’s Bitcoin mining was forced out of China, the network remained reliable. This technology is capable of so much—if we let it. cnbc.com/2021/12/10/bit…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Recently, I sat down with @PerianneDC at The Takeover @RealVision Conference to discuss the future of crypto and web3. You can view our conversation here - players.brightcove.net/6214935006001/…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Thanks, Gary, for protecting investors from crypto, the best performing asset class on the market. You are really helping Americans buy homes, save for college, and plan for retirement. x.com/GaryGensler/st…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
45% of Crypto investors gave $1,000 or more to charity in 2020. At a time when charities are really struggling, we must continue to foster innovation that allows people to give back. cbsnews.com/news/charity-d…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today in @FinancialCmte, I asked @SBF_FTX about the extensive guardrails in place protecting crypto spot markets from fraud and manipulation. The SEC cites this concern as the reason they are barring access to Bitcoin spot ETFs. See my remarks here: youtu.be/3-DbHH3xgA4
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Crypto isn’t a passing fad, it’s a legitimate financial tool used by millions. At this morning’s hearing, I hope my colleagues in @FinancialCmte will join me in demanding regulatory clarity for crypto. youtube.com/watch?v=4oOTvt…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
A light touch regulatory approach will allow the crypto industry to grow and thrive in the United States!
coindesk.com/policy/2021/12…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Crypto is facilitating Web 3.0, which gives Americans ownership over their digital lives so Big Tech can’t continue to profit off of Internet users. I’ve been working on these issues since 2015 on the @financialcmte and as co-chair of the @blockcaucus.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Last week, I joined @tothestoics on @DWealthMuse to discuss the future of crypto & blockchain opportunities in the U.S.
dwealth.news/2021/12/episod… pic.x.com/4uzGQ3qOz6
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
.@GaryGensler, I’m still waiting on your response to our Nov. 3 letter asking you to make sense of why Bitcoin futures ETFs are allowed to trade but not Bitcoin spot ETFs.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The world isn’t going to wait for @GaryGensler to approve Bitcoin spot ETFs. Now, we’re seeing other nations leave us behind in real time.
cryptoslate.com/not-waiting-ar…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Last month, I led a bipartisan letter with @RepDarrenSoto to @GaryGensler urging him to approve Bitcoin spot ETF applications.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Withholding approvals for Bitcoin spot ETFs only shows the SEC’s baseless & wildly inconsistent approach to regulating crypto. x.com/CraigSalm/stat…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @turanalmammadov: Today Congressman @RepTomEmmer will talk about crypto innovation and answer questions on OneThChain youtube live strea…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
.@Valkenburgh’s testimony today before @JECRepublicans underscored that crypto is just like every innovation that made America great: a product of our pioneers' ingenuity.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
All my work in the crypto space, including bills like the Securities Clarity Act or Safe Harbor for Taxpayers with Forked Assets Act which @Valkenburgh mentioned today, is to give this technology, this next great innovation, a chance to thrive and for Americans to thrive with it.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Proud to join @FinancialCmte’s Digital Assets Working Group to offer guiding principles for a U.S. CBDC!
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today I sent a letter to @GaryGensler with my @blockcaucus co-chair @RepDarrenSoto about Bitcoin ETFs. It doesn’t make sense that Bitcoin futures ETFs are allowed to trade but Bitcoin spot ETFs are not. pic.x.com/k1WTF0HA0U
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
While the trading of two Bitcoin futures ETFs in October is a step forward for the millions of Americans who want to invest in crypto through traditional methods, the onus is on the SEC, now more than ever, to allow Bitcoin spot ETFs to commence trading.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
On top of that, the PWG wants stablecoin issuers to register as banks. Meanwhile, #MichaelHsu at the OCC has halted all of the progress @BrianBrooksUS made with the OCC special purpose bank charter, which would provide qualifying fintechs to operate as national banks.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
My office is still reviewing the President's Working Group on Financial Markets stablecoin report, but here are some initial thoughts:
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @FinancialCmte: Republican Leader @PatrickMcHenry on the Biden Administration's report on stablecoins:
"The President’s Working Group,…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
It’s more than clear that any regulatory changes to crypto MUST be subject to Congressional oversight!
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
With its stablecoin report, the PWG seems to try to force Congress to choose between handing over regulatory power to bureaucrats or risking the unchecked FSOC stamp out crypto innovation.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I’ve said it before and I’ll say it again: crypto is not a partisan issue. Just look to the bipartisan @blockcaucus! finance.yahoo.com/news/crypto-to…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Distributed ledgers allow us to easily and accurately trace crypto. Make no mistake, cash is still king for criminals—disappointing to see @RepCleaver spread misinformation about traceability at our @FinancialCmte hearing today.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @FinancialCmte: Republican Leaders @PatrickMcHenry, @RepTomEmmer, and @WarrenDavidson request the U.S. Treasury clarify how stablecoins…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
China’s regulatory crackdown took them off the map for crypto. It’s a cautionary tale—and we can’t allow it to be repeated in the U.S.
coindesk.com/business/2021/…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Amazing to join leaders, innovators & trailblazers at Minnesota Blockchain’s Smart Contacts event in Minneapolis last night. The future of crypto will have a global impact, but it’s great to see the work that’s already happening in our own backyard. pic.x.com/kaUufHEr44
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Can a broker-dealer like Charles Schwab deal in a digital asset that has gone through SEC registration? Would they be able to trade these digital asset securities and custody them? No.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @DigitalChamber: We agree and so do the 50+ #crypto companies that joined us in urging FASB to issue accounting standards for digital as…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
.@GaryGensler thinks that most cryptocurrencies are securities. Let’s indulge his line of thinking for a moment just so we can see how harmful it is to everyday investors.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Clearly there is no path for digital asset securities to be traded anywhere, so it is clear that retail investors would be hurt by Gensler’s actions. @GaryGensler, step out of the way.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
.@GaryGensler, the FASB must prioritize crypto accounting standards. This is an easy step toward clarity for crypto investors.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Watch me hold @GaryGensler accountable for how his leadership could devastate American crypto investors.
youtu.be/7AlUuE8hk04
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Great to join the team at @CoinDesk this morning to talk about my work to keep crypto permissionless, private & growing! x.com/CoinDesk/statu…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Saule Omarova’s nomination would be a death knell for private industry, consumer choice and crypto—the fact that she could be Dem’s pick is disappointing but not surprising.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Decentralized digital assets like crypto give everyday investors democratic access to financial services. Government action must support private sector innovation, not compete with it. emmer.house.gov/press-releases…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today, I sent a bipartisan letter to Federal Reserve Chairman Jerome Powell highlighting the need for private sector digital asset innovation. pic.x.com/JEfTBcPXTV
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Digital. Authoritarianism. China is forcing its citizens away from decentralized currency and onto the digital yuan so the CCP can track all money movements. You fear Big Brother? Then you should also fear what the Fed might be designing.
wsj.com/articles/china…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
What is a security? What is a digital asset? How can we craft a framework that keeps crypto accessible for millions of Americans?
Thank you to @faryarshirzad & the team at @Coinbase for meeting with me today to discuss the future of innovation-friendly regulations. pic.x.com/hzQE4rbDN9
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @abesutherland: The infrastructure bill passed by the Senate and now pending in the House contains an overlooked “digital assets” provis…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @CoinDesk: “Crypto’s not partisan,” says @RepTomEmmer.
The infrastructure bill was crypto’s gateway to the Senate floor. Where will it…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
When @POTUS abandoned Kabul and it fell to the Taliban, many Afghan civilians' ability to access their life savings through traditional financial systems crumbled. Now, crypto is a lifeline for innocent Americans and Afghans.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @BlockCaucus: Will be posting about our briefings, letters, bills, and crypto action on the Hill.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Proud to join @RepDarrenSoto to reintroduce the U.S. Virtual Currency Market and Regulatory Competitiveness Act, which directs the @CFTC to recommend crypto guidance that allows the industry to thrive.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Crypto investors deserve a competitive, innovation-driven regulatory framework.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Crypto-based crime represented only 0.34% of the entire transaction volume in 2020. Unfortunately, most crime is still conducted with the cash you print.
coindesk.com/minneapolis-fe…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
“The opportunities that crypto provides for people to be involved in the financial system are unlimited—if the government gets out of the way.”
Listen to my conversation with @ThinkingCrypto1 about the future of crypto here hyoutube.com/watch?v=G-y-6Z…https://t.co/qeOQ9wh0GG
hyoutube.com/watch?v=G-y-6Z…https://t.co/qeOQ9wh0GGVery pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Crypto is not a partisan issue – the bipartisan Blockchain Caucus is working to educate Members so we can fix this dangerous provision when it comes to the House.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I, along with bipartisan Blockchain Caucus co-chairs @RepDarrenSoto, @RepDavid, and @RepBillFoster sent a letter to every single Representative in the House raising concerns about the Senate infrastructure bill being paid for by our crypto industry. pic.x.com/MzsEmBbosr
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The House must consider amendments to this provision that exempt entities that don’t conduct crypto transactions and keep blockchain software development, cryptocurrency mining, and more in the United States.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The Warner-Portman amendment picks winners and losers. The Wyden-Lummis-Toomey amendment keeps #crypto opportunities onshore. The choice is easy.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @SenToomey: While I appreciate that my colleagues and the White House have acknowledged their original crypto tax had flaws, the Warner-…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @HesterPeirce: @nlw Nice to see @GaryGensler addressing crypto issues, but the existing securities laws don't work well for certain aspe…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @CoinDesk: LIVE: Updated U.S. infrastructure bill narrows crypto reporting requirements, People's Bank of China says it will keep high p…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Bottom line: trying to offset the infrastructure package's out-of-control spending on the backs of everyday #crypto investors and innovators will do nothing but leave our country in the dust. x.com/CoinDesk/statu…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @DigitalChamber: We applaud @RepTomEmmer @RepDarrenSoto and @RoKhanna for taking an important step forward toward clarity for #crypto an…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
My bill, the Securities Clarity Act, establishes a framework for the SEC to swiftly determine what digital assets are securities. Visit my website to learn more: emmer.house.gov/the-securities…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @TheBlock__: FEATURE: Rep. Tom Emmer explains why a generational divide is setting the tone on crypto in Congress
@the_postman_ intervi…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
ICYMI: Last week, I led a @FinancialCmte hearing on how Congress must set the regulatory stage for #crypto innovation. Read more here, via @coindesk: coindesk.com/state-of-crypt…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The FSOC is not the appropriate body to craft #crypto regulation. It’s unchecked and lacks transparency. In January, I reintroduced the FSOC Reform Act to enhance congressional oversight. Read more here: emmer.house.gov/2021/1/emmer-i…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today, I led a hearing in the @FinancialCmte exploring how we can support American #crypto innovation. Watch here https://t.co/kLggaoYwrC
https://t.co/kLggaoYwrCVery pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The U.S. must prioritize streamlined regulation to keep up with the pace of #Crypto innovation, or tech jobs will be sent overseas & everyday Americans will be robbed of capital formation opportunities.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @FinancialCmte: #SubOI Republican Leader @RepTomEmmer at today's hearing on #crypto:
"FinTech and cryptocurrency are the future of fina…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @FinancialCmte: During today's #crypto hearing, #SubOI Republican Leader @RepTomEmmer & @coincenter's @valkenburgh outline GOP proposals…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Read more about my work to secure straightforward regulations for everyday #crypto investors here, via @theHill: thehill.com/blogs/congress…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
I’m happy to announce that I have secured a comment period on #crypto accounting standards from @FAFNorwalk, so businesses can offer vital input on this quickly-evolving technology. Read more here: emmer.house.gov/press-releases…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Let’s start by providing straightforward accounting standards for the growing number of American companies with #crypto on their balance sheets. You can look to the letter I sent you in May for ideas. pic.x.com/ptkatXPSex x.com/FAFNorwalk/sta…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
ICYMI: The Fed must act to keep America a leader in the #crypto space. Read more here, via @rollcall rollcall.com/2021/06/15/dig… pic.x.com/cUiC5rCnb7
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @RepDarrenSoto: Our #blockchain & #cryptocurrency bills with @RepGuthrie & @WarrenDavidson just passed the House as part of @RepMcNerney…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
The IRS requires taxpayers to have crypto appraised for charitable giving when the price is easily accessible on a bitcoin exchange. Last week, I urged them to provide straightforward standards for reporting the use of #cryptocurrency. More via @CoinDesk: coindesk.com/emmer-congress…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Either we can go far together or go nowhere alone. If @RepMaxineWaters cared about furthering #crypto issues she would have reached across the aisle for her #DigitalAssets Working Group—just like we do in the bipartisan #Blockchain Caucus every day. Thanks for the invite, Maxine. x.com/FSCDems/status…
Neutral on crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @DigitalChamber: We are proud to support @RepTomEmmer in removing hurdles for donors who want to contribute #crypto to charities. His pr…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
.@POTUS wants to spend an additional $80 BILLION @IRSnews on enforcement and audits for everyday #crypto investors. His administration should focus on clarifying regulations for #cryptocurriences so that investors actually know how to obey the law. washingtonpost.com/us-policy/2021…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Today, I wrote a letter to IRS Commissioner Charles Rettig asking him to streamline the tax structure surrounding #crypto donations so donors don’t have to have their donation appraised, but rather, can reference the easily accessible and verifiable #bitcoin exchange price.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Virtual currency and #blockchain technology can expand access to credit for underserved and unbanked Americans. Those engaging with #Crypto should have the freedom to donate to causes they believe in, and our government should support charitable giving, not limit it.
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
Great to join @CoinDesk #CDTV this morning to talk about my work to ensure regulatory certainty for everyday #crypto investors & keep innovation in the US. x.com/CoinDesk/statu…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @CoinDesk: LIVE: SEC sues five individuals over $2 billion Bitconnect ponzi, the bitcoin-ether "flippening" debate and more.
@LisaBraga…
Very pro-crypto
Tom Emmer Jr.
@GOPMajorityWhip
RT @laurashin: Congressman @RepTomEmmer believes crypto “is the future.”
On Unchained, he discusses:
- his idea to fix BTC corporate acct…
Very pro-crypto