Crypto-Friendly Congressman Tom Emmer Seeks Nomination for House Speaker

According to Cointelegraph, Republican Congressman Tom Emmer is seeking a nomination to become House Speaker, with the 62-year-old receiving endorsements from multiple lawmakers. Congressman Patrick McHenry is currently overseeing the position on an interim basis after the Republican Party's nominee, Jim Jordan, failed to secure enough votes in the first round of voting on October 17. Emmer's pursuit was initially reported by NBC News reporter Jake Sherman on October 20.Emmer is currently the No. 3 House Republican and would become the frontrunner in the race if he secures the nomination. CBS News reported that an unnamed source close to Emmer confirmed he was making calls in pursuit of a nomination. As interim Speaker, McHenry lacks the authority to push legislation forward in the House, stalling the progress on various bills, including crypto-related ones.If Emmer were to become Speaker, the move would likely be welcomed by members of the crypto community. Emmer has spoken in favor of digital assets on many occasions and has a history of pushing back against the regulation by enforcement approach from the Securities Exchange Commission and its chairman Gary Gensler. Emmer has already received some backing for the move, with Congressman Brad Finstad releasing a statement on October 20 supporting Emmer for the Speaker of the House role. Notably, Kevin McCarthy, a fellow Republican who was ousted from the Speaker role on October 4, has also reportedly thrown his support behind Emmer.