Tom Emmer Jr.
@RepTomEmmer
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.
Tom Emmer Jr.
Republican Congressperson from Minnesota, 6
Notable statements
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
The @SECGov deserves more funding for crypto enforcement.
April Fools!
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/0LcdWBKk58
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
“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.
@RepTomEmmer
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.
@RepTomEmmer
“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.
@RepTomEmmer
"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.
@RepTomEmmer
"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.
@RepTomEmmer
"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.
@RepTomEmmer
"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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/Y2nSJfe3Lk
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
Navigating Gary Gensler’s regulatory approach to digital assets is like playing hopscotch in a minefield. Blindfolded.
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
Digital assets aren’t the enemy. They are a tool for trust, transparency, and individual liberty.
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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. twitter.com/thinkingcrypto…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/l0CkShJseD
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
.@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.twitter.com/TGaaW8I0Eu
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/C4S3okdl0w
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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. twitter.com/GOPMajorityWhi…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/XVq6ySu0Xc
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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." twitter.com/GOPMajorityWhi…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.twitter.com/84UVYGkP78
pic.twitter.com/84UVYGkP78
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
"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.
@RepTomEmmer
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.
@RepTomEmmer
My remarks on @PatrickMcHenry/@CongressmanGT's digital asset market structure bill pic.twitter.com/FJkHWUii3x
pic.twitter.com/FJkHWUii3x
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
"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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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
Financial Innovation and Technology for the 21st Century Act
Cosponsored
To provide for a system of regulation of digital assets by the Commodity Futures Trading Commission and the Securities and Exchange Commission, and for other purposes.
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.twitter.com/DlwNyoMZal
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
“This is the smartest approach we have seen to provide clarity about how securities law applies to digital assets.” - @coincenter pic.twitter.com/KMBcJz23Z8
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
“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.twitter.com/buD8zBt6rw
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
“We commend Rep. Tom Emmer and @RepDarrenSoto for their commitment to American innovation with the reintroduction of this important bipartisan legislation…” - @crypto_council pic.twitter.com/7SEllHY5KE
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
@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.
@RepTomEmmer
@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.
@RepTomEmmer
@RepDarrenSoto We appreciate the broad community support on this legislation from @CoinCenter, @BlockchainAssn, @DigitalChamber, and @crypto_council.
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.twitter.com/xgsLAm2Yhh
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
@RepDarrenSoto @coincenter @BlockchainAssn @DigitalChamber @crypto_council Read the bill here: emmer.house.gov/_cache/files/4…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
He’s finalized ZERO rules for crypto companies to comply with…
yet he abuses the SEC’s enforcement powers against them: pic.twitter.com/jn30XimsLP
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
He was the “cop on the beat” when the biggest crypto frauds collapsed, doing nothing to stop these criminals before they defrauded Americans: pic.twitter.com/F4o0gT7Oid
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
We should never sacrifice decentralized money.
Thank you, @DigitalChamber, for inviting me to join you all today. pic.twitter.com/reJIepS5t6
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.twitter.com/JAtCpUgaSm
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
“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.
@RepTomEmmer
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.twitter.com/oPr3WLZtk3
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.twitter.com/fDmaA0XGWv
pic.twitter.com/fDmaA0XGWv
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.twitter.com/OQ0uwxjVxX
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/lONbHFZMk7
pic.twitter.com/lONbHFZMk7
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/jVz70JK3Cq twitter.com/RepTomEmmer/st…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
.@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. twitter.com/garygensler/st…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
The failure of FTX is not a failure of crypto, it is a failure of centralization.
DeFi is the point. pic.twitter.com/TuamGCPcba
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/LkkOMfc5TP
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
We now know Gensler's crypto information-gathering efforts were ineffective.
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/a3vaK4MPkq
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
.@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.
@RepTomEmmer
We were concerned in March that @GaryGensler was taking an indiscriminate and inconsistent approach to oversight of the crypto community. twitter.com/RepTomEmmer/st…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.twitter.com/VYacafc0ZD
pic.twitter.com/VYacafc0ZD
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
Decentralization is the point. If we sacrifice DeFi for legislation, we’re throwing away the opportunity.
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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-… twitter.com/RepTomEmmer/st…
wsj.com/articles/fasb-… twitter.com/RepTomEmmer/st…Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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. twitter.com/RepFrenchHill/…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/BdqxRHi4Fg
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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/… twitter.com/RepTomEmmer/st…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
RT @MeriTalk: In this MerITocracy Moment, @RepTomEmmer shares how overregulating #cryptocurrencies could drive #innovators and #entrepreneu…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/gf3mK48rdY
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
Viewing crypto as merely a financial investment misses the entire point.
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/YttOhyHTea
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
.@FinancialCmte wants to understand what problems a CBDC would solve BEFORE we create and launch one.
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
twitter.com/FinancialCmte/…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
.@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.twitter.com/L1fH5Cd57m
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/VKZA1OpfTa
pic.twitter.com/VKZA1OpfTa
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.twitter.com/9BblUvXQkg
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/PnbcFWnjMN twitter.com/RepTomEmmer/st…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
#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.
@RepTomEmmer
The SEC’s announcement to nearly double the size of its crypto enforcement unit does not seem very technology neutral.
pic.twitter.com/CMumbAxiW7
pic.twitter.com/CMumbAxiW7
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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
Digital Commodity Exchange Act of 2022
Cosponsored
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.
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
Yes! Also, any US CBDC must be open, permissionless, and private - like cash. twitter.com/RepBryanSteil/…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.twitter.com/8HcTgZA0XL
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
Shifting to a cashless economy is inevitable, but we should never surrender decentralized money.
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
(The @BlockCaucus has been advancing a pro-crypto legislative and oversight agenda for the past 8 years.)
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
Just finished reviewing Biden’s Executive Order on Digital Assets… Here are a few thoughts:
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
Nothing makes the case for crypto more than a government freezing bank accounts to suppress free speech…
pic.twitter.com/Ud8ZtoMy3h
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/FMHs5UX6Xz
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
Another day, another baseless rejection of a Bitcoin spot ETF.
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
RT @BitcoinMagazine: Pro-#Bitcoin US Senator Tom Emmer: New legislation "coming soon" pic.twitter.com/2QQBcRQnu8
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
Today, I spoke @CES on the future of crypto regulation in the United States! #CES2022 [Photo credit: Consumer Technology Association] pic.twitter.com/VIewepjYVv
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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. twitter.com/GaryGensler/st…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/4uzGQ3qOz6
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
.@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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
Withholding approvals for Bitcoin spot ETFs only shows the SEC’s baseless & wildly inconsistent approach to regulating crypto. twitter.com/CraigSalm/stat…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
RT @turanalmammadov: Today Congressman @RepTomEmmer will talk about crypto innovation and answer questions on OneThChain youtube live strea…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
.@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.
@RepTomEmmer
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.
@RepTomEmmer
Proud to join @FinancialCmte’s Digital Assets Working Group to offer guiding principles for a U.S. CBDC!
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.twitter.com/k1WTF0HA0U
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
RT @FinancialCmte: Republican Leader @PatrickMcHenry on the Biden Administration's report on stablecoins:
"The President’s Working Group,…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
It’s more than clear that any regulatory changes to crypto MUST be subject to Congressional oversight!
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
RT @FinancialCmte: Republican Leaders @PatrickMcHenry, @RepTomEmmer, and @WarrenDavidson request the U.S. Treasury clarify how stablecoins…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/kaUufHEr44
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
.@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.
@RepTomEmmer
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.
@RepTomEmmer
.@GaryGensler, the FASB must prioritize crypto accounting standards. This is an easy step toward clarity for crypto investors.
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
Watch me hold @GaryGensler accountable for how his leadership could devastate American crypto investors.
youtu.be/7AlUuE8hk04
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
Great to join the team at @CoinDesk this morning to talk about my work to keep crypto permissionless, private & growing! twitter.com/CoinDesk/statu…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
Today, I sent a bipartisan letter to Federal Reserve Chairman Jerome Powell highlighting the need for private sector digital asset innovation. pic.twitter.com/JEfTBcPXTV
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/hzQE4rbDN9
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
RT @BlockCaucus: Will be posting about our briefings, letters, bills, and crypto action on the Hill.
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
Crypto investors deserve a competitive, innovation-driven regulatory framework.
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
“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.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/MzsEmBbosr
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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. twitter.com/CoinDesk/statu…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
RT @FinancialCmte: During today's #crypto hearing, #SubOI Republican Leader @RepTomEmmer & @coincenter's @valkenburgh outline GOP proposals…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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.twitter.com/ptkatXPSex twitter.com/FAFNorwalk/sta…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.twitter.com/cUiC5rCnb7
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
RT @RepDarrenSoto: Our #blockchain & #cryptocurrency bills with @RepGuthrie & @WarrenDavidson just passed the House as part of @RepMcNerney…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
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. twitter.com/FSCDems/status…
Neutral on crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
.@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.
@RepTomEmmer
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.
@RepTomEmmer
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.
@RepTomEmmer
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. twitter.com/CoinDesk/statu…
Very pro-crypto
Tom Emmer Jr.
@RepTomEmmer
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.
@RepTomEmmer
RT @laurashin: Congressman @RepTomEmmer believes crypto “is the future.”
On Unchained, he discusses:
- his idea to fix BTC corporate acct…
Very pro-crypto