Tom Emmer assumes the role of Vice Chair of Digital Assets, voicing strong concerns over SEC’s current oversight practices.
On Jan. 14, Tom Emmer, an American attorney and Congressman, was appointed as the Vice Chairman of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence.
Formed in 2023, the Subcommittee is tasked with overseeing the development and regulation of crypto assets, examining the integration of AI in financial services, and exploring advancements in financial technology.
The 63-year-old Congressman expressed his honor at the new position, stating that under his leadership, he will ensure “the future of digital assets is guided by Americans, with American values.”
During his announcement, Emmer sharply criticized the outgoing SEC Chairman Gary Gensler, saying that with “Gary Gensler confined to the waste bin of Washington,” there is now an opportunity to more effectively guide the future of digital assets under American leadership.
Gensler, a polarizing figure in the crypto world, will end his term concurrent with the inauguration of Donald Trump as the 47th president of the U.S. on Jan. 20. He will be replaced by Paul Atkins, a former SEC Commissioner known for his pro-crypto stance.
According to his biography, Emmer, born in 1961, has continued to serve as the House Majority Whip and sits on the House Financial Services Committee. He was the Chairman of the National Republican Congressional Committee during the 116th and 117th Congresses.
Emmer was also a part of the FIT21 Bill, which created the term “digital commodity” for cryptocurrencies and clarified the SEC’s role in regulating them. All in all, the Congressman has been an advocate for crypto-friendly laws.
Moreover, in Consensus 2024, a crypto conference that took place in Austin, Texas, Emmer said that crypto was “nonpartisan and here to stay.”
In a 2023 post on X, Emmer highlighted Binance’s $4.3 billion settlement with the Department of Justice as evidence that properly enforced existing laws can effectively root out misconduct in the crypto industry. He argued for using congressional resources to support and expand opportunities within the sector.
In 2018, he repealed certain provisions of the Dodd-Frank Act. The act sought to relieve some of the regulatory relief on small banks and credit unions, thereby giving them greater capacity to serve their local communities.
Emmer is one of the many picks among other pro-crypto elected officials like Patrick McHenry, Senator John Thune, and Bryan Steil, to name a few. As Donald Trump is set to take office on Jan. 20, the crypto industry prepares itself for a possible shift in regulatory and legislative attention: a Republican majority in both Houses poses renewed hope for things to get friendlier in terms of policy.
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