TLDR
- Rep. Tom Emmer appointed as vice chair of Digital Assets Subcommittee, positioning him to influence U.S. crypto legislation while working alongside Chairman French Hill
- Emmer expresses optimism about FIT21 crypto bill potentially becoming law by end of year, indicating growing bipartisan support
- Trump administration expected to issue major crypto-related executive order immediately after taking office on January 20
- Digital Assets Subcommittee, established in 2023, oversees development of cryptocurrencies, fintech, and AI in financial services
- Emmer has consistently opposed SEC Chairman Gary Gensler’s approach and led efforts to restrict CBDC development without Congressional approval
Representative Tom Emmer has been appointed vice chairman of the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, marking a new chapter in congressional oversight of the cryptocurrency industry. The announcement came as part of the House Financial Services Committee’s subcommittee assignments for the 119th Congress.
The Digital Assets Subcommittee, which was established in 2023, holds responsibility for overseeing the development of cryptocurrencies, financial technologies, and artificial intelligence within financial services. Committee Chairman French Hill made the announcement, setting the stage for what could be a transformative period in crypto regulation.
In his first public statement following the appointment, Emmer took to social media platform X to share his vision. “With President Trump in the White House and Gary Gensler confined to the waste bin of Washington, we have an excellent opportunity to ensure that the future of digital assets is guided by Americans, with American values,” he wrote on Tuesday.
I am honored to have been selected as Vice Chairman of the Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence.
With President Trump in the White House, and Gary Gensler confined to the waste bin of Washington, we have an excellent opportunity to…
— Tom Emmer (@GOPMajorityWhip) January 15, 2025
The Minnesota Republican has built a reputation as one of the crypto industry’s most vocal supporters in Congress. Throughout his tenure, he has consistently challenged what he perceives as regulatory overreach, particularly from the Securities and Exchange Commission under Chairman Gary Gensler’s leadership.
One of Emmer’s notable legislative initiatives has been the CBDC Anti-Surveillance State Act, which aims to prevent the Federal Reserve from issuing a Central Bank Digital Currency without first obtaining Congressional approval. This stance aligns with his broader vision of limiting government control over digital currencies.
Chairman French Hill outlined the committee’s mission in the announcement.
“Together, our Committee will work to craft a regulatory framework that maintains America as a leader in innovation while protecting consumers and investors, right-sizing the regulatory system, including for community banks, and ensuring our agencies are held accountable to their statutorily directed missions,” he stated.
The timing of Emmer’s appointment coincides with growing momentum for crypto legislation. The congressman has expressed optimism about the FIT21 bill, a stalled crypto market structure proposal that he believes could become law before the end of the year. “I think that bill—at the end of the year, if there’s an end of the year spending bill—maybe some parts of that bill end up in the final deal,” Emmer told Decrypt during an interview at the Messari Mainnet conference.
Sources close to the incoming administration indicate that President-elect Trump plans to issue a major crypto-related executive order within hours of taking office on January 20. This move suggests a broader push for reform in the cryptocurrency space.
In recent statements, Emmer has emphasized that crypto legislation will move forward regardless of political control. “It’s not a matter of ‘if,’ but ‘when,’” he stated at the Messari Mainnet conference in October 2024. “Digital asset legislation will move forward regardless of who’s in charge.”
The congressman has outlined several priorities for a Republican-led government in 2025. These include implementing market structure frameworks like FIT21, establishing restrictions on CBDCs, and promoting the development of global dollar-backed stablecoins.
Good riddance. https://t.co/EfkCgNDovt
— Tom Emmer (@GOPMajorityWhip) November 21, 2024
His appointment as vice chair arrives at a time when the crypto industry faces numerous regulatory challenges. The subcommittee’s work could shape how digital assets are regulated in the United States for years to come.
Bipartisan support for crypto innovation appears to be growing, according to Emmer’s recent public statements. This suggests potential for compromise and progress on key legislation, even in a divided Congress.
The Digital Assets Subcommittee’s scope extends beyond just cryptocurrencies, encompassing various aspects of financial technology and artificial intelligence. This broad mandate positions Emmer to influence policy across multiple emerging technologies.
Chairman Hill’s announcement emphasized the need to balance innovation with consumer protection, a theme that has dominated discussions about crypto regulation. The committee aims to create guidelines that foster growth while maintaining appropriate safeguards.
According to recent statements from Emmer’s office, the congressman plans to begin work immediately on several key initiatives. His team has indicated that addressing regulatory clarity for crypto businesses will be among the first priorities.
The most recent updates from Washington suggest that the subcommittee’s first session under new leadership will convene in early February, with a focus on establishing the year’s legislative agenda.
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