- Congressman Tom Emmer criticizes senior lawmakers, including Elizabeth Warren, for opposing crypto advancements as the House passes significant pro-crypto legislation.
- Emmer highlights the growing bipartisan recognition of the benefits of digital currencies, criticizing older members of Congress for obstructing progress.
- “This is the future — the future has arrived,” Emmer stated, emphasizing the importance of the FIT for the 21st Century Act.
Congressman Tom Emmer criticizes senior lawmakers for their anti-crypto stance as the House passes significant pro-crypto legislation, highlighting the growing bipartisan support for digital currencies.
Legislative Impact on Financial Technology
The FIT for the 21st Century Act aims to protect consumers by increasing transparency and clarifying the regulatory overlap between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding cryptocurrencies. On the House floor, Emmer highlighted that this legislation is crucial for ensuring American dominance in the rapidly growing financial technology sector.
Additionally, the House passed the H.R. 5403 CBDC Anti-Surveillance State Act, which aims to prevent the Federal Reserve from issuing a central bank digital currency. Last week, both the House and Senate passed legislation to nullify the SEC’s Staff Accounting Bulletin No. 121, which required banks to list cryptocurrencies on their balance sheets as liabilities.
Growing Bipartisan Support for Cryptocurrency
Emmer noted that both Democrats and Republicans are increasingly recognizing the benefits of digital currencies. He argued that opposition to cryptocurrencies predominantly comes from the oldest members of Congress. Emmer pointed out, “I look at the people who are arguing against this. They are all old and are all 50 years old or older. This applies to 18 to 40 year olds. It’s that age group, those voters, those constituents and this is their world,” he stated. Tom went further to say, “dinosaurs in Congress are literally standing in the way of this innovation.” He further criticized “kleptomaniac bureaucrats like Gary Gensler” for trying to halt innovation to maintain control.
Conclusion
In summary, Congressman Tom Emmer’s critique of senior lawmakers underscores a significant shift in the political landscape regarding cryptocurrency. The passage of the FIT for the 21st Century Act and other pro-crypto legislation marks a pivotal moment in the advancement of digital currencies. As bipartisan support continues to grow, the future of financial technology looks promising, despite resistance from older members of Congress. Emmer’s remarks highlight the generational divide and the urgent need for embracing innovation in the financial sector.
