Rep. Tom Emmer spoke to Breitbart News as the House prepares to overwhelmingly pass H.R. 4763, the 21st Century Financial Innovation and Technology Act, in which he criticized some lawmakers who support central bank digital currencies (CBDCs) because they believe they will be used as a surveillance tool, calling them “dinosaurs.”
Among the most vocal opponents of cryptocurrencies are veteran politicians such as Sen. Elizabeth Warren (D-Mass.), 74, Rep. Brad Sherman (D-Calif.), 69, and Rep. Maxine Waters (D-Calif.), 85. Emmer accused lawmakers like Sherman and Waters of “carrying water” for SEC Chairman Gary Gensler. He emphasized that the 21st Century FIT Act represents the future of internet innovation, saying, “This is… the future. The future has arrived.”
Legislative impact on financial technology
The 21st Century Financial and Information Technology Act aims to protect consumers by increasing transparency and clarifying overlapping regulations between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding cryptocurrencies. Speaking on the House floor, Emmer emphasized that the bill is crucial to ensuring U.S. dominance in the rapidly growing financial technology sector.
Additionally, the House of Representatives passed HR 5403, the CBDC Surveillance Prevention State Bill, which aims to block the Federal Reserve from issuing central bank digital currencies. Last week, both the House and Senate passed legislation to repeal the SEC's Staff Accounting Bulletin No. 121, which required banks to list cryptocurrencies as liabilities on their balance sheets.
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Growing bipartisan support for cryptocurrencies
Emmer noted that both Democrats and Republicans are increasingly recognizing the benefits of digital currencies, and argued that opposition to cryptocurrencies comes primarily from the most senior members of Congress. “When you look at the people who are opposed to this, you can see their views,” Emmer said.
They're all older people, over 50. This goes for ages 18 to 40. That's their age group, their voters, their voters, this is their world, Tom said. Tom went on to say that “dinosaurs in Congress are literally standing in the way of this innovation,” and went on to criticize “kleptocratic bureaucrats like Gary Gensler” for trying to thwart innovation to maintain control.
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