Congressman Tom Emmer Named Vice Chair of Digital Assets Subcommittee
Tom Emmer has been appointed Vice Chairman of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. He expressed his intention to collaborate with Chairman Bryan Steil to shape the future of crypto and AI.
The Subcommittee, established in 2023, focuses on:
- Developing and regulating cryptocurrency assets
- Promoting advancements in financial technology
- Exploring the integration of artificial intelligence with financial services
Emmer has a lengthy political background, serving in various capacities since 2004. He is currently in his fifth term as a US Representative and is also House Majority Whip. He played a role in the FIT21 Bill, which aims to clarify SEC regulatory functions and enhance user protections in the crypto sector.
Criticism of SEC Chair Gary Gensler
In his recent communication, Emmer criticized Gary Gensler's tenure, stating it harmed the future of crypto in the US. He suggested that a change in leadership could align digital asset regulation with American values.
Gensler will leave his position on January 20, coinciding with Trump's inauguration. His administration has been marked by strict regulatory actions against several crypto entities.
Emmer also introduced the CBDC Anti-Surveillance State Act, which restricts the Federal Reserve from implementing a "surveillance-style" Central Bank Digital Currency (CBDC) without Congressional approval. He supports creating a CBDC only under specific conditions, ensuring it remains open and private.