Despite the crypto industry's recent high-profile victories in Congress, major legislation faces major practical obstacles in the Senate, Rep. Tom Emmer (R-Minn.) acknowledged Wednesday, saying the Senate wants to have its own say on a major cryptocurrency bill and there's only a short time left in the congressional session.
If the House-approved Financial Innovation and Technology Act of the 21st Century (FIT21) has a chance of becoming law, it would likely happen during the lame-duck period — the Congressional session between the election and the start of the new year, Emmer said at CoinDesk's Consensus 2024 event in Austin, Texas, a period that often includes additional, unrelated bills that could become law through fast-paced negotiations.
In the normal legislative process, Emmer, who holds the top position as Republican Majority Whip in the House, noted that FIT21, which had significant support in the House, is currently before the Senate. If senators were to actually take up the bill or seriously pursue a similar bill, the effort would need to be considered again in the House.
“They're going to want to change it, which means it goes back to the House,” Emmer said, but also noted significant emerging support from Democrats on this and other crypto issues.
The first comprehensive digital asset bill approved by one house of Congress, FIT21, saw 71 Democrats vote in favor, despite opposition from President Joe Biden. include Former Speaker of the House Nancy Pelosi (D-Calif.).
Similarly, a separate effort to overturn the Securities and Exchange Commission's accounting policy, Staff Accounting Bulletin No. 121 (SAB 121), attracted significant Democratic support. When it passes The House and Senate, including Senate Majority Leader Chuck Schumer (D-N.Y.) and Biden threatened to veto That resolution.
Emmer said there is “a lot of goodwill beneath the surface” on these cryptocurrency issues.
He argued that the “anti-cryptocurrency” Sen. Elizabeth Warren (D-Massachusetts), who holds significant influence in the White House, is overtaking the movement.
Emmer also claimed that SEC Chairman Gary Gensler, a vocal critic of cryptocurrencies, is “on his way out” and losing support within the administration.
Still, he warned, “I would be very careful about trusting a cornered animal.”
