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Republicans nominate pro-crypto legislator Tom Emmer to be the next speaker of the House.

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The fate of Emmer’s success in a full floor vote remains shrouded in uncertainty, casting a shadow of doubt over legislative proceedings since October 3 due to the absence of a House Speaker.

Within the United States House of Representatives, Republican members have selected their nominee for the coveted position of Speaker. The choice has fallen on Tom Emmer, the current Majority Whip and a prominent advocate for cryptocurrency.

Multiple reports from October 24 have confirmed Representative Emmer as the Republicans’ preferred candidate for the upcoming Speaker election, which follows a closed-door session. Emmer emerged as one of several contenders in the wake of Representative Jim Jordan’s inability to secure sufficient votes for the Speakership and Representative Steve Scalise’s withdrawal from the race.

On October 3, lawmakers in the House of Representatives voted to declare the Speaker’s seat vacant, effectively ousting Representative Kevin McCarthy from the position. In the interim, Representative Patrick McHenry, a proponent of cryptocurrency and Chair of the House Financial Services Committee, has assumed the role of temporary Speaker. Yet, the Republicans have struggled to rally behind a single candidate, with Jordan falling short of securing a majority of support after three rounds of votes.

Emmer formally announced his bid for the Speaker’s seat on October 20. During the Permissionless II conference in September, he presented himself as a tech-savvy legislator who views cryptocurrency as a bipartisan concern within Congress. Despite our outreach, Emmer’s office remained unresponsive at the time of publication, as reported by Cointelegraph.

“Emmer brings a fresh perspective and exudes abundant energy through his personality,” remarked Ron Hammond, the Director of Government Relations at the Blockchain Association. “Having someone who comprehends these technologies is a significant boon for the industry.”

The absence of a Speaker has brought legislative progress on cryptocurrency bills to a standstill. These bills, which have received approval from the Financial Services Committee and were slated for a full floor vote, including 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, now find themselves mired in legislative limbo.

As we approach the imminent Speaker vote, it remains uncertain whether Representative Emmer will garner the necessary support. The House has been rendered immobile in the absence of clearly defined leadership, impeding any legislative strides. Throughout the three prior rounds of voting, all present Democrats, numbering between 212 and 210, staunchly endorsed Representative Hakeem Jeffries. Meanwhile, approximately 20 Republicans cast their votes for candidates other than Jordan, leaving Emmer with just a single vote in each of those three ballots.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.