Based on previous comments, Tom Emmer Jr. has indicated they are very pro-cryptocurrency. Below you can view the tweets, quotes, and other commentary Tom Emmer Jr. has made about Bitcoin, Ethereum, and cryptocurrency innovation.
.@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.
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.
.@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.
From persecution to prosperity, the United States WILL be the crypto capital of the world.
Eleanor Terrett
@EleanorTerrett
NEW per my @FoxBusiness colleague @EdwardLawrence: The #crypto executive order has officially been signed.
Here are the details:
The Executive Order establishes the Presidential Working Group on Digital Asset Markets to strengthen U.S. leadership in digital finance.
The Working Group will be tasked with developing a Federal regulatory framework governing digital assets, including stablecoins, and evaluating the creation of a strategic national digital assets stockpile.
The Working Group will be chaired by the White House AI & Crypto Czar @DavidSacks and include the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission, and the heads of other relevant departments and agencies.
The White House AI & Crypto Czar will engage leading experts in digital assets and digital markets to ensure that the actions of the Working Group are informed by expertise beyond the Federal Government.
The Executive Order directs departments and agencies with identifying and making recommendations to the Working Group on any regulations and other agency actions affecting the digital assets sector that should be rescinded or modified.
The Executive Order prohibits agencies from undertaking any action to establish, issue, or promote central bank digital currencies (CBDCs).
The Executive Order revokes the previous Administration’s Digital Assets Executive Order and the Treasury Department’s Framework for International Engagement on Digital Assets which suppressed innovation and undermined U.S. economic liberty and global leadership in digital finance.
Representative Emmer's declaration that the United States *will* be the crypto capital of the world is a powerful statement of intent, perfectly aligning with his exceptionally high stance score. This goes beyond mere optimism; it's a call to action, a commitment to fostering the necessary environment for the cryptocurrency industry to flourish within the United States. His choice of words, "from persecution to prosperity," directly addresses the recent regulatory challenges faced by the crypto community, particularly under the previous administration. This suggests a clear understanding of the damage inflicted by overreaching and often misguided regulations. It signals a shift towards a more supportive and nurturing regulatory framework, one that recognizes the transformative potential of cryptocurrencies and seeks to unlock its full potential.
By aiming for U.S. leadership in the crypto space, Representative Emmer is not just advocating for economic growth; he's championing a future where financial freedom and technological innovation go hand in hand. This resonates deeply with the core principles of decentralization and individual empowerment that underpin the cryptocurrency movement. His consistent advocacy against a Central Bank Digital Currency (CBDC), his efforts to provide regulatory clarity for American entrepreneurs in the crypto space, and his commitment to dismantling the "Administrative State" all contribute to this overarching vision. This latest statement reinforces his dedication to creating a regulatory landscape that attracts investment, fosters innovation, and ultimately establishes the United States as the global hub for the crypto industry.
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.
Representative Emmer's endorsement of Scott Bessent's stance against a Central Bank Digital Currency (CBDC) is another powerful signal of support for the cryptocurrency ecosystem. His quote, "Agreed. Now let's make sure it's in law," demonstrates a commitment to codifying protections against a CBDC, ensuring the preservation of financial sovereignty and individual liberty. This firm stance aligns perfectly with his near-perfect stance score and reinforces his dedication to fostering a regulatory environment that promotes innovation within the digital asset space. As highlighted in my previous commentary, Representative Emmer has consistently advocated for clarity and responsible growth in the crypto industry. His opposition to a CBDC, coupled with his efforts to dismantle the "Administrative State," signals a positive shift towards a more agile and adaptive regulatory framework. This approach is crucial for allowing the crypto industry to reach its full potential while mitigating risks. By echoing Bessent's statement and advocating for its legal enforcement, Representative Emmer reinforces his commitment to a future where financial freedom and technological advancement go hand in hand. This unwavering support is a beacon of hope for the crypto community, promising a future where decentralized finance can thrive.
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.
I am delighted to see Representative Emmer's appointment as Vice Chairman of the Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence. This is a significant win for the cryptocurrency community, given his unwavering support for the industry, as consistently reflected in his near-perfect stance score. With President Trump back in office and Gary Gensler no longer at the SEC, the regulatory landscape for cryptocurrencies appears poised for positive change. Representative Emmer's leadership in this subcommittee is crucial for navigating the complexities of this emerging technology and ensuring a balanced approach to regulation that fosters innovation while mitigating risks. His prior statements, such as his strong advocacy against a CBDC and his commitment to providing clarity for American entrepreneurs in the crypto space, demonstrate a deep understanding of the transformative potential of this technology. I am particularly encouraged by his focus on dismantling the "Administrative State," which has often hindered the progress of the crypto industry with outdated and burdensome regulations. This new role provides him with a powerful platform to advocate for policies that promote responsible innovation and sustainable growth within the digital asset ecosystem. I eagerly anticipate the positive impact he will have on shaping the future of finance.
4/ We were honored to present BA’s Crypto Champion Award to @GOPMajorityWhip at our annual gala. Watch the award presentation and his remarks.
youtube.com/watch?v=hTzEbb…
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!
This is why we must make sure that any crypto legislation next Congress must include @GOPMajorityWhip’s Blockchain Regulatory Certainty Act, which would protect all noncustodial apps and devs.
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.
It's always heartening to see a strong voice in Congress advocating for the flourishing of the cryptocurrency space. Representative Emmer's recent statement underscores a commitment to fostering innovation and removing obstacles to growth within the digital asset ecosystem. His explicit rejection of a Central Bank Digital Currency (CBDC) aligns perfectly with the ethos of decentralized finance, ensuring the preservation of financial sovereignty and individual liberty. By championing clarity for American entrepreneurs in the crypto sphere, he paves the way for responsible innovation and sustainable growth within this transformative technology sector. Furthermore, his commitment to dismantling the "Administrative State," which often hinders progress with outdated regulations, signals a positive shift towards a more agile and adaptive regulatory framework. This approach is crucial for allowing the crypto industry to reach its full potential while mitigating risks. His unwavering support for cryptocurrencies, as evidenced by his consistently high stance score, reinforces his dedication to promoting a future where financial freedom and technological advancement go hand in hand.
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…
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.
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.
Financial Services GOP
@FinancialCmte
#FSCRewind
The threat that a central bank digital currency poses to Americans' financial privacy cannot be overstated.
The House passed @GOPMajorityWhip’s CBDC Anti-Surveillance State Act to block the creation of a government-issued, government-controlled CBDC.
https://t.co/pG0yfxNzbn
Live from #Mainnet2024, @KMSmithDC and @GOPMajorityWhip discuss the crypto voter and the bipartisan case for Congressional action on digital asset legislation.
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.
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.
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.
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.
Tom Emmer
@GOPMajorityWhip
.@GaryGensler has been the most destructive and lawless SEC Chairman in history.
.@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.
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.
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.
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…
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.
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.
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.
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…
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/…
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…
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.
"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
"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
"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
"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
"...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
"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
"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
"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
"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
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:
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:
This week, the House will vote on HR 5043 the CBDC Anti-Surveillance State Act which prohibits a central bank digital currency. I’m proud to cosponsor this bill to stop the Chinese Communist Party style surveillance tactic that Big Brother could weaponize against Americans.
House Republicans are defending Americans’ financial privacy with H.R. 5403, the CBDC Anti-Surveillance State Act.
I’m proud to join my Republican Colleagues in saying NO to government-issued Communist Chinese style digital currencies and YES to freedom.
The CBDC Anti-Surveillance State Act will safeguard Americans' financial privacy in the face of potential surveillance, control, and political intimidation!
Thank you @GOPMajorityWhip for leading on this issue in the House.
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.
This week I look forward to supporting @GOPMajorityWhip's CBDC Anti-Surveillance State Act to keep government in check.
The federal government has no place spying on Americans’ transactions.
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.
CBDCs are a CCP-style surveillance tool that can be weaponized to oppress the American way of life.
I'm a proud cosponsor of @GOPMajorityWhip's bill to protect Americans' financial privacy, which the House will vote on this week.
This week, the House is taking a monumental step towards providing regulatory clarity for the U.S. digital asset ecosystem.
The Financial Innovation and Technology for the 21st Century Act will spur innovation and secure consumer protections for market participants. #FIT21
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.
Key Vote Alert! We're urging all Representatives to vote yes on the #CBDC Anti-Surveillance State Act. The creation of a U.S. CBDC would threaten the financial health of the country and the constitutional rights of law-abiding Americans. Learn more - clubforgrowth.org/yes-on-the-the…
This week, I will be voting in favor of the CBDC Anti-Surveillance State Act—a bill to ensure the Fed cannot create CBDCs and weaponize them against the American people. Thank you @GOPMajorityWhip for your tireless work on this.
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.
This week, @HouseGOP will take action to protect consumers and foster innovation with two landmark digital asset bills, including:
The bipartisan Financial Innovation and Technology for the 21st Century (FIT21) Act
@GOPMajorityWhip's CBDC Anti-Surveillance State Act
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.
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.
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.
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.
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.
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.
Classifying #ETH as a security contradicts previous statements of the SEC and Chair Gensler.
Republicans will continue to hold the SEC accountable for its regulatory overreach that is stifling innovation, leaving consumers unprotected, and risking our national security.
The Fed needs to keep its hands out of our wallets. I'm proud to join @GOPMajorityWhip Tom Emmer's CBDC Anti-Surveillance State Act to halt the efforts of unelected bureaucrats in Washington, D.C. to issue a central bank digital currency.
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.
Financial Services GOP
@FinancialCmte
#NEW: Republicans on the House Financial Services Committee and @HouseAgGOP sent a letter to @SECGov Chair Gensler urging his agency to clarify its position with respect to SPBD Prometheum’s custody of #ETH.
Read more financialservices.house.gov/news/documents…
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…
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…
CBDC would give the federal government absolute control over your money.
This is a dangerous threat to freedom.
It is critical that we work to protect the American people from government tyranny & that we never allow the creation of CBDC in America.
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.
For congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121".
This staff accounting bulletin expresses the views of the staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for platform users.
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.
Eleanor Terrett
@EleanorTerrett
NEW: The @EIAgov has decided to DROP its emergency survey of $BTC miners following the lawsuit filed by @RiotPlatforms, @TXblockchain_ and @DigitalChamber.
The EIA has agreed to undergo the proper notice and comment procedure before attempting any future reissuance.
“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
“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
"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
"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
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:
"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
CBDCs are a direct threat to every freedom we hold dear.
If this tyranny is allowed to take hold in America, a Chinese-style social credit system will not be far behind.
Proud to cosponsor this critical legislation with @SenTedCruz and @GOPMajorityWhip.
1/ 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.
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.
Senator Ted Cruz
@SenTedCruz
.@FoxBusiness: Cruz, GOP senators double down on anti-central bank digital currency legislation
foxbusiness.com/politics/cruz-…
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…
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…
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
.@MajorityWhipGOP Tom Emmer spoke to blockchain tipsheet yesterday about the state of digital assets legislation in Congress. Among his observations:
On 2023 highlights: “Watching Republicans and Democrats on the House Financial Services Committee literally collaborate on digital assets issues.”
On Senate legislation targeting terrorist financing and crypto: "First off, it surprises me that the Senate is already working on a solution when they don't know what the problem is."
On the importance of Congressional staff in the creation of digital assets legislation: "Staff are key for a couple of reasons . Not only do they do the bulk of the work around this place, but they're in the 21st century already. They've been raised in it."
On claims that government can't track crypto: "Colonial Pipeline - which was shut down in return for Bitcoin ransom - nobody reports that they recovered all of it. So it's misinformation like that we have to constantly overcome."
On digital assets education for Members of Congress: "The education is still very necessary - and this is a non-partisan area to me. This isn't Republican or Democrat. Finance should not be. Everybody should have equal access and opportunity."
On regulators and 2024: "We've got to make sure that they go back to the business of working for Americans rather than believing Americans work for them. I'm excited not only on the policy side, but on the oversight side."
Read the interview:
blockchaintipsheet.com/legislation/ma…
1/ “I make it clear everywhere I go, it’s not Republicans vs. Democrats on crypto…the industry you’re in is a non-partisan issue.” What a great session this morning with @GOPMajorityWhip, the voice our bipartisan industry needs in Washington.
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.
Tony Edward (Thinking Crypto Podcast)
@ThinkingCrypto1
Congressman Tom Emmer is working on putting a stop to Gary Gensler's enforcement actions against Crypto. He recently presented an Amendment to not have tax payers dollars used in enforcement actions. @GOPMajorityWhip
WATCH hyoutu.be/hkq7sHVUDhQ
Topics:
- DOJ #Binance settlement
- #SEC enforcement action against Kraken exchange
- Amendment to prevent tax payers funds being used in SEC Crypto enforcement actions
- Stopping Gary Gensler & Elizabeth Warren's anti Crypto agenda
- #Crypto Bills in the House
- Bi-partisan letter to Biden Administration regarding Hamas’s digital asset fundraising campaign.
- #Stablecoin Regulation and #CBDCs
#congress #interview #podcast #thinkingcrypto #bitcoin #xrp #ripple #grayscale #garygensler #firegarygensler
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.
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.
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…
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.
.@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.
#ICYMI: The CBDC Anti-Surveillance State Act, sponsored by @GOPMajorityWhip, got the green light at last week's markup.
Our bill bars the @federalreserve from issuing a central bank digital currency without explicit authorization from Congress.
washingtonexaminer.com/policy/economy…
#ICYMI: @FinancialCmte advanced legislation to prohibit the @federalreserve from issuing a #CBDC without Congressional approval.
Read more on our bill, led by @GOPMajorityWhip, to protect our financial system and the privacy of the American people.
https://t.co/Aj7Fc14jbS
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…
CBDCs present major privacy concerns for everyday Americans, including granting the government the ability to track all purchases and collect intimate personal details on its citizens. The right to financial privacy is protected by the Constitution. We support the CBDC Anti-Surveillance State Act – legislation aimed at preventing a CBDC from being issued in the United States. Thank you @GOPMajorityWhip for your leadership.
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.
Tom Emmer
@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:
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.
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.
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.
To amend the Federal Reserve Act to prohibit the Federal Reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes.
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 belowmajoritywhip.gov/news/documents…
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."
Tom Emmer
@GOPMajorityWhip
Our system of checks and balances holding the abusive Administrative State accountable
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
The BRCA provides the digital asset ecosystem regulatory certainty to keep innovating in the United States so the future digital economy reflects American values.
"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
"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
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:
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…
1/ There are several crypto bills being marked up in @FinancialCmte this week.
First up: The bipartisan Blockchain Regulatory Certainty Act by @GOPMajorityWhip + @RepDarrenSoto that provides much needed certainty to:
Devs
Miners/validators
Front ends
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:
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 startedemmer.house.gov/2023/2/emmer-l…C
“We commend Rep. Tom Emmer and @RepDarrenSoto for their commitment to American innovation with the reintroduction of this important bipartisan legislation…” - @crypto_council
“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
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:
@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.
@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.
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.
The Limit, Save, Grow Act of 2023 introduced by House GOP leadership is a strong start to addressing the nation’s deficit & debt. While the Democrats complain about the debt and point fingers, @SpeakerMcCarthy is taking the necessary first step.
Read More:
protectingtaxpayers.org/debt-ceiling/t…
#WATCH: @GOPMajorityWhip Tom Emmer skewers Chair Gensler for his regulation by enforcement approach to digital assets' failure to protect consumers.
While Gensler's SEC fails to protect investors, he is pushing valuable financial innovation overseas.
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.
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.
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.
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.
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…
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
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.
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…
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.
Tom Emmer
@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
.@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.
SEC Chair Gary Gensler Archive
@GenslerArchive
Until crypto platforms comply with time-tested securities laws, risks to investors will persist. It remains a priority of the SEC to use all of our available tools to bring the industry into compliance.
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-edamericanbanker.com/opinion/the-u-…
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.
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.
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.
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.
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.
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.
We were concerned in March that @GaryGensler was taking an indiscriminate and inconsistent approach to oversight of the crypto community.
Tom Emmer
@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.
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
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-…
Tom Emmer
@GOPMajorityWhip
Today, along with the Congressional #Blockchain Caucus, I wrote a letter to Chairman Richard Jones of @FAFNorwalk, urging him to provide authoritative accounting guidance for companies that hold #virtualcurrencies. Read more below https://t.co/TOi1cIVXE5
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.
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.
French Hill
@RepFrenchHill
I sent a letter with @FinancialCmte GOP Leader @PatrickMcHenry and Committee Republicans’ Digital Asset Working Group requesting Attorney General Garland provide his assessment on @federalreserve’s authority to issue a #CBDC.
The Biden Admin continues to focus almost exclusively on the potential risks posed by digital assets, instead of their opportunities.
Continued regulation by enforcement will not provide this ecosystem with the clarity it desperately needs.
coindesk.com/policy/2022/10…
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.
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)
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/…
Tom Emmer
@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
In this MerITocracy Moment, @RepTomEmmer shares how overregulating #cryptocurrencies could drive #innovators and #entrepreneurs away from doing business in America, and how #Congress can prevent that from happening: bit.ly/3wwToiG#MerITocracy2022
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
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…
ICYMI: In June, I sent a bipartisan letter with @RepAuchincloss to Fed Chair Powell seeking information on the federal government's digital asset holdings.
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.
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.
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…
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!
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.
The Fed report pitched a CBDC that would supposedly ensure privacy while also prioritizing user-identification. But “privacy” and “identification” are irreconcilable.
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…
It’s unclear what problems, if any, a U.S. #CBDC would solve.
Committee Republicans believe #stablecoins—if issued under a clear regulatory framework—could solve many of the issues proponents of a CBDC claim one would address.
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…
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.
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.
Financial Services GOP
@FinancialCmte
NEW: All Committee Republicans—led by Ranking Member @PatrickMcHenry—sent a letter to @federalreserve Chair Powell.
They raise concerns with the risks posed by a potential CBDC to commercial banks, the existing payments system, and consumers.
Read more: …publicans-financialservices.house.gov/news/documents…
.@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.
ICYMI: FASB will (finally) establish crypto accounting standards. See our nonpartisan letter about this issue below. https://t.co/ymjXCou8xD
Tom Emmer
@GOPMajorityWhip
Today, along with the Congressional #Blockchain Caucus, I wrote a letter to Chairman Richard Jones of @FAFNorwalk, urging him to provide authoritative accounting guidance for companies that hold #virtualcurrencies. Read more below https://t.co/TOi1cIVXE5
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.
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.
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.
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…
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.
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.
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.
Tom Emmer
@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.
#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…
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.
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.
This bill allows for the regulation and registration of digital commodity exchanges subject to oversight by the Commodity Futures Trading Commission. The bill establishes the conditions for the sale of digital commodities, the registration of exchanges, and sets forth other requirements.
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…
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.
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.
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/mXmwG7JPqf
Yes! Also, any US CBDC must be open, permissionless, and private - like cash.
Bryan Steil
@RepBryanSteil
Any Central Bank Digital Currency proposal should have @FinancialCmte’s digital dollar principles: improve efficiency, offer a clear stable coin framework, let the private sector lead the way, and guarantee privacy and security. #CBDC…publicans-financialservices.house.gov/news/documents…
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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…
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.
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.
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…
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.
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
Last week, @RepTomEmmer introduced legislation to prohibit the Federal Reserve from issuing a CBDC to individual customers. @norebertjmichel explains why such legislation would be a victory for liberty, innovation, and personal privacy. buff.ly/3rvzr8x
LIVE: @RepTomEmmer proposes a bill to limit the Fed's ability to issue CBDCs, crypto's quantum computing problem and more.
First Bank's Wade Peery. @chaumdotcom of @elixxir_io and James Burnham of @JonesDay join "First Mover" on CoinDesk.TV: x.com/i/broadcasts/1…
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.
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.
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.
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.
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.
Chairman Powell today - Dollar Stables and future CBDCs will co exist. We agree. But let’s get behind the digital dollars that are here and competing to be currencies of the internet…today…not years from now.
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.
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.
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
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.
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…
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.
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.
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.
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.
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.
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.
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…
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/…
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.
SEC Chair Gary Gensler Archive
@GenslerArchive
Today we announced the new head of our Division of Investment Management @SECgov. I look forward to working closely w/ William to help ensure that investors can confidently save to buy homes, pay for college, or plan for retirement.
Welcome William to the SEC family!
Read more
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…
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
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.
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…
.@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.
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…
Withholding approvals for Bitcoin spot ETFs only shows the SEC’s baseless & wildly inconsistent approach to regulating crypto.
Craig Salm
@CraigSalm
Last night our attorneys at Davis Polk sent a letter to the SEC arguing that approval of #Bitcoin futures-based ETFs, but not #Bitcoin spot-based ETFs, like $GBTC, is “arbitrary and capricious,” and therefore in violation of the Administrative Procedure Act (APA).
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.
.@Valkenburgh’s testimony today before @JECRepublicans underscored that crypto is just like every innovation that made America great: a product of our pioneers' ingenuity.
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.
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.
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.
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.
Republican Leader @PatrickMcHenry on the Biden Administration's report on stablecoins:
"The President’s Working Group, led by Treasury, has taken a first step by putting the ball in Congress’ court."
Read more: …publicans-financialservices.house.gov/news/documents…
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.
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/…
Republican Leaders @PatrickMcHenry, @RepTomEmmer, and @WarrenDavidson request the U.S. Treasury clarify how stablecoins are categorized and the regulatory implications that flow from its classification.
Read the letter: …publicans-financialservices.house.gov/news/documents…
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.
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.
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.
.@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.
Great to join the team at @CoinDesk this morning to talk about my work to keep crypto permissionless, private & growing!
CoinDesk
@CoinDesk
“I do believe that they are trying to gain control over the cryptocurrency industry and direct it and that really isn’t conducive to growth and entrepreneurial activity and opportunity,” @RepTomEmmer told our "First Mover" show.
Report by @danielgkuhntrib.al/aDbfkot
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.
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…
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…
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.
The infrastructure bill passed by the Senate and now pending in the House contains an overlooked “digital assets” provision that would be a disaster if it becomes law.
“Crypto’s not partisan,” says @RepTomEmmer.
The infrastructure bill was crypto’s gateway to the Senate floor. Where will it go next? Congressman Emmer joins #MoneyReimagined for a conversation on crypto, Coinbase and more. @mikejcasey@sheila_warrentrib.al/zqVYXvx
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.
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.
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…
“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
Tony Edward (Thinking Crypto Podcast)
@ThinkingCrypto1
I had a great time interviewing Congressman Tom Emmer @RepTomEmmer
WATCH hyoutu.be/G-y-6Zn_71s
We discuss:
- US #Crypto Regulations
- Infrastructure Bill
- Securities Clarity Act
- #SEC #Ripple #XRP
- #Bitcoin adoption and mining
- #Blockchain Voting & much more
@tomemmer https://t.co/jyWGpYpaAC
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.
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.
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.
While I appreciate that my colleagues and the White House have acknowledged their original crypto tax had flaws, the Warner-Portman amendment picks winners and losers based on the type of technology employed. That’s horrible for innovation.
@nlw Nice to see @GaryGensler addressing crypto issues, but the existing securities laws don't work well for certain aspects of crypto & people's freedom to interact using new technology has produced the innovation at the core of our prosperity. Looking forward to working together.
LIVE: Updated U.S. infrastructure bill narrows crypto reporting requirements, People's Bank of China says it will keep high pressure on crypto trading and more.
@RepTomEmmer, @jdorman81 and @CathyHackl join "First Mover" on CoinDesk.TV:
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.
CoinDesk
@CoinDesk
The new infrastructure deal in Washington includes a proposal to generate $30 billion through increased taxes on crypto transactions.
@nikhileshde@realDannyNelson report
trib.al/xS274sz
We applaud @RepTomEmmer @RepDarrenSoto and @RoKhanna for taking an important step forward toward clarity for #crypto and digital tokens .. check out the Securities Clarity Act legislation they introduced today. iqconnect.house.gov/iqextranet/vie…
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…
FEATURE: Rep. Tom Emmer explains why a generational divide is setting the tone on crypto in Congress
@the_postman_ interviews @RepTomEmmer
theblockcrypto.com/daily/110720/r…
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…
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…
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.
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…
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.
FASB, GASB, and FAF
@FAFNorwalk
We need your help:
What reporting issues should #FASB prioritize in order to address stakeholders' financial accounting and reporting needs?
Learn more: bit.ly/2SohsDA
Our #blockchain & #cryptocurrency bills with @RepGuthrie & @WarrenDavidson just passed the House as part of @RepMcNerney’s #ConsumerSafetyTechnologyAct. US must remain on the forefront of emerging technologies by fostering innovation & ensuring consumer protection.
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…
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.
U.S. House Committee on Financial Services
@USHouseFSC
#BREAKING- Chairwoman @RepMaxineWaters Announces #DigitalAssets Working Group | go.usa.gov/x6ndG
We are proud to support @RepTomEmmer in removing hurdles for donors who want to contribute #crypto to charities. His proposed solution will help charitable orgs receive donations from new sources. We are thankful for his leadership!
.@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…
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.
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.
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.
CoinDesk
@CoinDesk
"The worst thing government can do to the marketplace is create uncertainty," Minnesota Congressman @RepTomEmmer says on #CDTV, explaining the reintroduced tax protections for forked assets act.
Watch the full spotlight, sponsored by @NexoFinance: coindesk.com/video/rep-tom-…
LIVE: SEC sues five individuals over $2 billion Bitconnect ponzi, the bitcoin-ether "flippening" debate and more.
@LisaBraganca, @RepTomEmmer and Zerocap CEO Ryan McCall join "First Mover" on CoinDesk.TV: x.com/i/broadcasts/1…
Congressman @RepTomEmmer believes crypto “is the future.”
On Unchained, he discusses:
- his idea to fix BTC corporate acct.
- why he believes tokens are not securities
- his view on the FATF perhaps requiring DeFi devs to register as money transmitters
buff.ly/3yJtcRt