A fierce battle for the position of Speaker of the House of Representatives has erupted in the world of American politics. Tom Emmer, a known supporter of cryptocurrencies, has been chosen by the Republicans as their candidate. His nomination could impact the future of cryptocurrency legislation in the United States.
The absence of a Speaker of the House of Representatives since the beginning of October effectively paralyzes all legislation. Republican members of the House of Representatives have pointed to Tom Emmer, an advocate of cryptocurrencies, as their candidate for the next Speaker.
According to reports from October 24th, after a closed meeting, Emmer will be the Republican candidate in the next vote for Speaker of the House. The Congressman was one of several candidates considered by the Republicans after Jim Jordan did not secure enough votes and Steve Scalise withdrew from the race.
On October 3rd, American lawmakers in the House of Representatives decided to vacate the position of Speaker, effectively removing Kevin McCarthy from the position. The interim Speaker became Patrick McHenry, also a supporter of cryptocurrencies, who also chairs the Committee on Financial Services in the House. The Republicans couldn’t rally behind a single candidate, and Jordan did not gain a majority of support in the House after three rounds of voting.
Emmer announced his intentions to run for the position of Speaker on October 20th. During the September conference “Permissionless II”, he described himself as a tech-oriented lawmaker for whom cryptocurrencies are a bipartisan issue in Congress. His stance was appreciated by industry experts. “Emmer brings a fresh perspective and a lot of energy,” said the director of governmental relations at the Blockchain Association, Ron Hammond. “It’s great news for the industry to have someone who understands these technologies.”
The absence of a Speaker of the House of Representatives caused a standstill in the work on cryptocurrency-related bills that were to go for a full vote. Until the Republicans secure the required 217 votes for one candidate, all proposed cryptocurrency bills remain in limbo.
It is still unclear whether Emmer will gain enough support to become Speaker. All signs indicate that a decision will be made in the coming days. However, without clear leadership, the House has been unable to move forward with any legislation. All present Democrats unanimously supported Hakeem Jeffries, while about 20 Republicans voted for candidates other than Jordan. Emmer received only one vote in each of these three rounds.
Photo by Darren Halstead on Unsplash
