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U.S. Representative Tom Emmer (R-Minn.) expressed optimism for major crypto legislation, highlighting a narrow opportunity at the end of the congressional session. Emmer emphasized bipartisan support in Congress for crypto measures, but noted the U.S. Senate still has significant work to do. He indicated that the Financial Innovation and Technology for the 21st Century Act (FIT21) could be more likely to pass during the “lame-duck” session, a period known for fast-tracked legislative action.
Despite recent wins for the crypto industry, major legislation like FIT21 faces challenges in the Senate. Emmer, speaking at CoinDesk’s Consensus 2024 in Austin, Texas, stated that the Senate’s potential modifications to the bill would necessitate another round of approval in the House. This reflects the legislative complexity but also the growing bipartisan support, with 71 Democrats backing FIT21 despite opposition from President Biden and former Speaker Nancy Pelosi.
Emmer highlighted the diminishing influence of anti-crypto voices like Sen. Elizabeth Warren (D-Mass.) and SEC Chair Gary Gensler, suggesting their waning impact on the administration. He underscored the substantial “goodwill under the surface” for crypto issues, pointing to significant Democratic support for overturning SEC policies and advancing crypto-friendly legislation.
