Tom Emmer named Vice Chair of Digital Assets Subcommittee, slams SEC’s Gensler

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Tom Emmer steps into the position of Vice Chair for Digital Assets, expressing firm worries about the Securities and Exchange Commission’s existing regulatory methods in this area.

January 14 saw Tom Emmer, a U.S. lawyer and Representative, being designated as the Deputy Chair of the Subcommittee dealing with Digital Assets, Financial Technology, and Artificial Intelligence.

Established in 2023, this subcommittee has been assigned to monitor and guide the creation and control of digital currencies (crypto assets), investigate the use of artificial intelligence within financial sectors, and delve into the latest innovations in financial technology.

The 63-year-old Congressman conveyed his gratitude for the new role and emphasized that under his management, the path of digital assets would be shaped by the principles and values of America.

As appointed Vice Chair of the Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee, I am thrilled to take on this role during President Trump’s tenure in office. With Gary Gensler seemingly out of the picture in Washington, it presents a promising chance for us to:

1. Advance policies that foster innovation and growth within our rapidly evolving digital asset landscape.
2. Collaborate with industry experts to ensure financial technologies are accessible, secure, and beneficial for all Americans.
3. Explore the potential of artificial intelligence in various sectors while addressing ethical concerns related to privacy and job displacement.

— Tom Emmer (@GOPMajorityWhip) January 15, 2025

In his speech, Representative Emmer expressed strong disagreement with former SEC Chair Gary Gensler, stating that with “Gary Gensler being ousted from the political scene in Washington,” there is now a chance to steer the direction of digital assets more effectively, under the guidance of American leadership.

On January 20, which marks the inauguration of Donald Trump as the 47th President of the United States, Gensler, a figure who has sparked debate in the crypto community, will conclude his term. Taking over from him will be Paul Atkins, a former SEC Commissioner with a reputation for being pro-crypto.

As per his biographical details, Emmer, born in 1961, has consistently held the position of House Majority Whip and is a member of the House Financial Services Committee. He served as the Chairman of the National Republican Congressional Committee during both the 116th and 117th congressional sessions.

In addition to being involved with the FIT21 Bill, Emmer played a role in defining “digital commodities” as cryptocurrencies within this legislation and made it clearer about the Securities and Exchange Commission’s (SEC) authority in regulating them. Essentially, this Congressman has been a proponent of laws that are favorable towards cryptocurrency.

Additionally, at the Consensus 2024 conference held in Austin, Texas, Emmer emphasized that cryptocurrency is apolitical and it’s here for the long haul.

In a 2023 post on X, Emmer pointed to Binance‘s $4.3 billion settlement with the Department of Justice as proof that rigorously enforced existing regulations can successfully combat unlawful activities in the cryptocurrency market. He advocated for utilizing congressional funds to foster and broaden possibilities within this field.

It would be more beneficial for the congressional funds to be directed towards encouraging and facilitating more crypto-related activities within the United States, thereby enhancing our country’s overall security.

— Tom Emmer (@GOPMajorityWhip) November 22, 2023

2018 saw him abolishing specific parts of the Dodd-Frank Act. This legislation aimed to reduce some regulations for smaller banks and credit unions, consequently empowering them to better serve their local communities.

Among several pro-cryptocurrency politicians such as Patrick McHenry, Senator John Thune, Bryan Steil, and others, Emmer is one of the notable choices. With Donald Trump’s inauguration on January 20th, the cryptocurrency sector braces itself for a potential change in regulatory and legislative focus: A Republican majority in both Houses offers renewed optimism that policy could become more favorable.

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2025-01-15 10:58