Crypto-friendly Rep. Tom Emmer, R-Minn., won nomination for the U.S. House Speaker, but will still have to garner enough votes on the House floor to solidify his position.
Emmer came out on top on Tuesday after he and eight other candidates, including Rep. Byron Donalds, R-Fla., and Pete Sessions, R-Texas, announced their bids for the position over the weekend.
After multiple rounds of voting on Tuesday, House Republicans ultimately pushed Emmer forward. The Minnesota Republican will next have to secure at least 217 Republican votes on the House floor to be officially elected, according to news reports. Emmer’s try for speaker comes after bids from Rep. Jim Jordan, R-Ohio, and Steve Scalise, R-La., failed to get the needed votes over the past few weeks.
House Majority Whip Emmer, who the Minnesota Reformer has dubbed the “crypto king of Congress,” has introduced bills over the past few years including one to create a new definition for tokens and another that would ban the Federal Reserve from issuing a direct CBDC. He has also been supportive of a bill that takes a comprehensive approach at a regulatory framework for crypto, while slamming Securities and Exchange Commission Chair Gary Gensler for taking a “regulation by harassment approach” toward digital assets.
Emmer also leads the Congressional Blockchain Caucus, which is favorable toward crypto and believes in a light touch regulatory approach.
What’s next
A full House vote is likely to take place on Wednesday. The House has been without a speaker for the past few weeks after former House Speaker Kevin McCarthy, R-Calif., was ousted following a power struggle with lawmakers including Rep. Matt Gaetz, R-Fla.
McCarthy reportedly nominated Emmer, telling NBC’s “Meet the Press” on Sunday that the Minnesota Republican needs to get elected this week.
