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Tom Emmer Jr.

Republican Congressperson from Minnesota, 6

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Tom Emmer Jr.

@RepTomEmmer

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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/…
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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RT @RepDonaldsPress: CBDC would give the federal government absolute control over your money. This is a dangerous threat to freedom. It i…
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Tom Emmer Jr.

@RepTomEmmer

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“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
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Tom Emmer Jr.

@RepTomEmmer

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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:
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Tom Emmer Jr.

@RepTomEmmer

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“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
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Tom Emmer Jr.

@RepTomEmmer

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"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
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Tom Emmer Jr.

@RepTomEmmer

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"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
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Tom Emmer Jr.

@RepTomEmmer

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"The creation of a U.S. CBDC would threaten the financial health of the country and the constitutional rights of law-abiding Americans." -@club4growth
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Tom Emmer Jr.

@RepTomEmmer

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"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
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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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-…
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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RT @BlockchainAssn: 1/ CBDCs present major privacy concerns for everyday Americans, including granting the government the ability to collec…
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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Navigating Gary Gensler’s regulatory approach to digital assets is like playing hopscotch in a minefield. Blindfolded.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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Digital assets aren’t the enemy. They are a tool for trust, transparency, and individual liberty.
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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RT @blockchaintpsht: .@MajorityWhipGOP Tom Emmer spoke to blockchain tipsheet yesterday about the state of digital assets legislation in Co…
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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Congressional resources should instead be spent working to bring more crypto activity and opportunities onshore to bolster U.S. national security.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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.@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
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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RT @FinancialCmte: #ICYMI: The CBDC Anti-Surveillance State Act, sponsored by @GOPMajorityWhip, got the green light at last week's markup.…
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Tom Emmer Jr.

@RepTomEmmer

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RT @PatrickMcHenry: 🚨#ICYMI: @FinancialCmte advanced legislation to prohibit the @federalreserve from issuing a #CBDC without Congressional…
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Tom Emmer Jr.

@RepTomEmmer

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RT @BlockchainAssn: CBDCs present major privacy concerns for everyday Americans, including granting the government the ability to track all…
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Tom Emmer Jr.

@RepTomEmmer

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RT @EleanorTerrett: 🚨NEW: @GOPMajorityWhip’s anti-CBDC bill has just passed out of the House Financial Services Committee.
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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What: My updated bill prohibits the Fed from issuing a retail CBDC while protecting innovation and any future development of true digital cash.
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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"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
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Tom Emmer Jr.

@RepTomEmmer

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The BRCA provides the digital asset ecosystem regulatory certainty to keep innovating in the United States so the future digital economy reflects American values.
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Tom Emmer Jr.

@RepTomEmmer

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"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
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Tom Emmer Jr.

@RepTomEmmer

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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:
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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RT @fund_defi: 1/ There are several crypto bills being marked up in @FinancialCmte this week. First up: The bipartisan Blockchain Regulato…

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.

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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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“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
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Tom Emmer Jr.

@RepTomEmmer

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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:
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Tom Emmer Jr.

@RepTomEmmer

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@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.
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Tom Emmer Jr.

@RepTomEmmer

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@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.
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Tom Emmer Jr.

@RepTomEmmer

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@RepDarrenSoto We appreciate the broad community support on this legislation from @CoinCenter, @BlockchainAssn, @DigitalChamber, and @crypto_council.
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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RT @Protectaxpayers: The Limit, Save, Grow Act of 2023 introduced by House GOP leadership is a strong start to addressing the nation’s defi…
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Tom Emmer Jr.

@RepTomEmmer

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RT @FinancialCmte: #WATCH: @GOPMajorityWhip Tom Emmer skewers Chair Gensler for his regulation by enforcement approach to digital assets' f…
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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.@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…
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Tom Emmer Jr.

@RepTomEmmer

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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-…
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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.@SenTedCruz and I have introduced legislation that will prevent the Federal Reserve from ever issuing a CBDC directly to individuals.
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Tom Emmer Jr.

@RepTomEmmer

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Decentralization is the point. If we sacrifice DeFi for legislation, we’re throwing away the opportunity.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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RT @FinancialCmte: The Biden Admin continues to focus almost exclusively on the potential risks posed by digital assets, instead of their o…
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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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)
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Tom Emmer Jr.

@RepTomEmmer

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RT @MeriTalk: In this MerITocracy Moment, @RepTomEmmer shares how overregulating #cryptocurrencies could drive #innovators and #entrepreneu…
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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The Fed report pitched a CBDC that would supposedly ensure privacy while also prioritizing user-identification. But “privacy” and “identification” are irreconcilable.
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Tom Emmer Jr.

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RT @FinancialCmte: It’s unclear what problems, if any, a U.S. #CBDC would solve. Committee Republicans believe #stablecoins—if issued unde…
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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.@FinancialCmte wants to understand what problems a CBDC would solve BEFORE we create and launch one.
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Tom Emmer Jr.

@RepTomEmmer

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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/…
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Tom Emmer Jr.

@RepTomEmmer

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.@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
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Tom Emmer Jr.

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ICYMI: FASB will (finally) establish crypto accounting standards. See our nonpartisan letter about this issue below. ⤵️ https://t.co/ymjXCou8xD
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Tom Emmer Jr.

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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
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Tom Emmer Jr.

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.

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.

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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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. 👇
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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✅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
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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Shifting to a cashless economy is inevitable, but we should never surrender decentralized money.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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(The @BlockCaucus has been advancing a pro-crypto legislative and oversight agenda for the past 8 years.)
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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Just finished reviewing Biden’s Executive Order on Digital Assets… Here are a few thoughts:
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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Last week, I joined the @BanklessHQ podcast to discuss the future of crypto in the United States. Listen here ⬇️ https://t.co/iJVlhrtmsU
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Tom Emmer Jr.

@RepTomEmmer

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Today, I discussed the President’s Working Group Report on stablecoins' dangerous lack of nuance. See my remarks here⬇️ https://t.co/fNK9KVNjth
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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RT @HesterPeirce: The string of bitcoin spot ETP denials has continued into 2022. The rationale underlying them doesn't get any better wit…
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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RT @CatoCMFA: Last week, @RepTomEmmer introduced legislation to prohibit the Federal Reserve from issuing a CBDC to individual customers.…
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Tom Emmer Jr.

@RepTomEmmer

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RT @CoinDesk: LIVE: @RepTomEmmer proposes a bill to limit the Fed's ability to issue CBDCs, crypto's quantum computing problem and more. F…
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Tom Emmer Jr.

@RepTomEmmer

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RT @BitcoinMagazine: The SEC refusing to approve a spot #bitcoin ETF is "driving American innovation and opportunity out of this country."…
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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RT @jerallaire: Chairman Powell today - Dollar Stables and future CBDCs will co exist. We agree. But let’s get behind the digital dollars t…
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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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…
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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.@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.
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Tom Emmer Jr.

@RepTomEmmer

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Last month, I led a bipartisan letter with @RepDarrenSoto to @GaryGensler urging him to approve Bitcoin spot ETF applications.
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Tom Emmer Jr.

@RepTomEmmer

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RT @turanalmammadov: Today Congressman @RepTomEmmer will talk about crypto innovation and answer questions on OneThChain youtube live strea…
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Tom Emmer Jr.

@RepTomEmmer

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.@Valkenburgh’s testimony today before @JECRepublicans underscored that crypto is just like every innovation that made America great: a product of our pioneers' ingenuity.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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Proud to join @FinancialCmte’s Digital Assets Working Group to offer guiding principles for a U.S. CBDC!
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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My office is still reviewing the President's Working Group on Financial Markets stablecoin report, but here are some initial thoughts:
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Tom Emmer Jr.

@RepTomEmmer

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RT @FinancialCmte: Republican Leader @PatrickMcHenry on the Biden Administration's report on stablecoins: "The President’s Working Group,…
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Tom Emmer Jr.

@RepTomEmmer

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It’s more than clear that any regulatory changes to crypto MUST be subject to Congressional oversight!
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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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.
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Tom Emmer Jr.

@RepTomEmmer

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RT @FinancialCmte: Republican Leaders @PatrickMcHenry, @RepTomEmmer, and @WarrenDavidson request the U.S. Treasury clarify how stablecoins…
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Tom Emmer Jr.

@RepTomEmmer

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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
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Tom Emmer Jr.

@RepTomEmmer

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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.