Republican members of the United States House of Representatives have chosen Rep. Tom Emmer as their nominee to be the next speaker of the House. The decision comes after the position of speaker has remained vacant since October 3. Rep. Emmer is known for his support of cryptocurrencies and the blockchain industry, and he has declared that he sees crypto as a non-partisan issue in Congress. While this nomination is a positive sign for the blockchain industry, it is still uncertain if Rep. Emmer will have enough support to win in a full floor vote.
Republican members of the United States House of Representatives have nominated Representative Tom Emmer to be the next speaker of the House. This decision comes following the absence of a speaker since October 3, effectively halting all legislation in the House. While Emmer's nomination is seen as a positive development for the blockchain and cryptocurrency industries, it remains unclear if he will receive enough support to win in a full floor vote.
Rep. Tom Emmer is known for his support of cryptocurrencies and the blockchain industry. He has emphasized the non-partisan nature of crypto in Congress and has advocated for its responsible development and regulation. Emmer's candidacy for speaker is seen as a promising development for the blockchain industry, as he is knowledgeable about the technology and its potential.
The absence of a speaker has created legislative gridlock in the House, preventing progress on several cryptocurrency bills that have been passed by the House Financial Services Committee and are expected to head for a full floor vote. These bills include the Financial Innovation and Technology for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Keep Your Coins Act.
The outcome of the upcoming vote for speaker is uncertain. In previous rounds of voting, all Democrats present have supported Representative Hakeem Jeffries, while roughly 20 Republicans voted for individuals other than Jim Jordan. Rep. Emmer received only one vote in each of the three previous ballots. The ability to secure 217 votes will be critical in determining the next speaker and ending the legislative standstill in the House.
(TURNER WRIGHT, COINTELEGRAPH, 2023)