Rep. Tom Emmer has dropped his candidacy for Speaker of the House, only one day after winning the Republican nomination. In a House floor vote likely in the coming days, Emmer was unable to secure the 217 GOP votes needed to win the speakership.
Representatives Jim Jordan and Steve Scalise both failed to secure enough Republican support in the turbulent contest to succeed Rep. Nancy Pelosi, and the crypto-friendly Minnesota congressman emerged as the contender on October 24.
But Emmer quickly ran into the same problem, prompting him to resign and leaving the speakership up for grabs once more. Emmer has been a vocal proponent of promoting crypto innovation while cautioning against overregulation of the industry.
He has expressed worries about potential privacy violations associated with central bank digital currencies and underlined the importance of apolitical frameworks for new digital assets.
The Congressman’s resignation is a setback for crypto policy advancement, with bipartisan proposals on stablecoin regulation, blockchain advocacy, and curbing IRS overreach blocked in the absence of leadership.
The House has been unable to pass legislation since Rep. Kevin McCarthy was defeated in an initial speakership vote on October 3. With Emmer’s withdrawal, House Republicans must choose a new candidate capable of uniting their tiny 222-212 majority. As unstable internal tensions persist, it remains to be unclear who will emerge as the next probable nominee.
Due to the deadlocked speaker election, Rep. Patrick McHenry has been appointed as a temporary caretaker with limited authority. Without a new Speaker, committees cannot be created and legislation cannot be debated on the House floor, thus halting work on digital asset legislation.
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