U.S. Congressman Tom Emmer: Cryptocurrency is nonpartisan, opposition is fading

At the Consensus 2024 conference, Congressman Tom Emmer stated that cryptocurrency is not a partisan issue but a question of supporting the government or individuals. He pointed out that although both parties are moving towards supporting cryptocurrencies, the speed is different.

Emmer mentioned that Senate Majority Leader Chuck Schumer and 70 other Democrats support overturning the SEC's SAB 121 encryption rules, indicating that opposition to cryptocurrencies from Senator Elizabeth Warren, SEC Chairman Gary Gensler, and the White House may be weakening.

Regarding the Financial Innovation and Technology Act of the 21st Century (FIT21), Emmer believes that Schumer may introduce this bill in the Senate, which was passed by the House of Representatives on May 22. He said that if the Senate modifies the bill and sends it back to the House, it is more likely to pass during the lame duck session.

Emmer also mentioned that the recent approval of Ethereum ETF by the SEC shows a reversal of the agency's position and believes that Gensler may soon step down. Regarding digital assets, Emmer believes that the next ideal step is to launch a globally tradable stablecoin, which will take the digital asset field to a whole new level.