House Republicans are set to vote on their new speaker nominee, and cryptocurrency advocate Tom Emmer is emerging as a frontrunner, gaining support from the crypto industry.
Emmer, a seasoned Minnesota Republican, has received the sixth-highest amount of career contributions from the cryptocurrency industry, according to data compiled by Open Secrets, a nonpartisan organization that tracks money in politics. Since his election to Congress in 2014, Emmer has actively championed the cryptocurrency cause.
Crypto Market Update: Bitcoin Surges to Nearly 18-Month High on Optimism Surrounding ETF Approval
Emmer’s total contributions from the industry amount to $95,466, placing him behind other lawmakers such as Rep. Patrick McHenry of North Carolina. McHenry is currently serving as the temporary speaker until a replacement is found for Rep. Kevin McCarthy.
While McHenry chairs the House Financial Services Committee, Emmer is a member of the committee and co-chairs the Congressional Blockchain Caucus. Additionally, he serves as the majority whip, responsible for rallying votes.
Leading up to the GOP’s meeting, predictions in betting markets favored Emmer for the speaker position, three weeks after McCarthy’s departure. A successful candidate for speaker requires a majority of votes on the House floor.
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Ron Hammond, the government relations director of the Blockchain Association, highlighted Emmer’s credentials as one of the leading advocates for crypto legislation since 2017.
Bitcoin (BTCUSD) and other cryptocurrencies are experiencing a surge on Tuesday, driven by optimism surrounding the potential approval of a bitcoin-based ETF in the United States.
