Crypto-friendly Emmer snags GOP Speaker nomination, at least for now 

After an internal vote, Republicans just barely agreed on Tom Emmer, the House majority whip from Minnesota, as their top pick for Speaker of the House, but insiders say his support is dwindling


Rep. Tom Emmer | Permissionles II by Blockworks


Congressional crypto advocate Rep. Tom Emmer, R-Minn, has emerged as the GOP’s latest pick for Speaker of the House, but he still has an uphill battle ahead. 

Republicans landed on Emmer, who currently serves as the majority whip, after considering nine other party members Tuesday in an internal election. There could be a House floor vote as soon as this afternoon, but people familiar with the matter said that Emmer is losing support by the minute. 

Emmer will need 217 votes to get the gig, meaning a maximum of only four Republicans can go against him. In the internal vote, Emmer was down 26 Republicans.  

Former President Donald Trump seems to be leading the charge against Emmer via social media platform Truth Social. He wrote that Emmer is not on the list of Republicans he would endorse as Speaker.

The Speaker position has remained vacant for three weeks since Kevin McCarthy, R-Cali, was ousted in early October. 

Emmer last month unveiled a new version of his anti-central bank digital currency (CBDC) bill, which aims to block any efforts from the Federal Reserve to issue a retail digital dollar. 

“Any digital version of the dollar must uphold our American values of privacy, individual sovereignty and free market competitiveness,” Emmer said in a statement in February, when he first brought the bill to the floor. “Anything less opens the door to the development of a dangerous surveillance tool.”

Emmer’s nomination comes as congressional leaders continue to spar with each other and federal agencies over how to regulate the crypto industry.

 Five crypto-related bills in the House are slated to go to a full-floor vote after passing through Committee markups this session. The Financial Innovation and Technology (FIT) for the 21st Century Act, co-sponsored by French Hill, R-Ark., Glenn Thompson, R-Penn., and Dusty Johnson, R-S.D., and the Clarity for Payment Stablecoins Act, introduced by Patrick McHenry, R-N.C., received fairly promising bipartisan support during their markup stages.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.


Plus, Ethereum is in the midst of a vibecession


Also, former Valkyrie CEO lands new leadership role at Canadian investment firm Cypherpunk Holdings


This week’s biggest funding round saw Jump Trading, JPMorgan contribute to the round


Plus, a layer-1 for intellectual property is launching and Farcaster users peaked


Crypto still hasn’t shaken one of its most garish primordial tails — funny stories about fraud


Plus, publicly traded crypto companies had a pretty eventful news week