Chaos within the Republican party was highlighted this week as crypto-friendly U.S. Rep Tom Emmer (R-Minn) briefly emerged as nominee for House speaker before abandoning the bid amidst opposition, including from former President Trump.
Emmer’s aborted campaign demonstrates growing disarray among House Republicans as they struggle to elect a new speaker after ousting Rep. Kevin McCarthy. With a perilous Nov. 17th funding deadline looming, the turmoil leaves little time to advance crypto legislation.
The speaker role is currently filled by Rep. Patrick McHenry, another crypto advocate who chairs the House Financial Services Committee. But with the speakership in flux, McHenry cannot focus on moving key crypto bills on stablecoins and market structure to floor votes this year.
Despite Emmer’s very short-lived rise, no name is fully off the table as Republicans burn through obvious speaker candidates without gaining consensus. A power-sharing deal with Democrats remains one option if the GOP cannot rally around a nominee.
The current Republican infighting does not bode well for much-needed crypto regulation, even with allies temporarily assuming House leadership roles. Until the party resolves its internal divides, advocacy for the crypto industry may stall.
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