The crypto industry's meltdown – punctuated by the bankruptcy of one of the industry's most prominent firms — has not shaken Minnesota Congressman Tom Emmer's faith in private digital currencies.
"I still think for digital assets in general, they are the future, and the future has arrived," said the Delano Republican, one of Congress' biggest crypto boosters and now the third-ranking House Republican.
But the collapse of FTX Trading has sparked new tensions in Congress and in Washington about how to handle the industry — without clear agreement on a solution.
During an interview with the Star Tribune, Emmer focused on Congress' role in overseeing regulators, rather than in passing legislation to regulate crypto.
"Congress has to start doing its job in making sure by way of our oversight function that we make sure our regulators do the job," he said.
Emmer has been highly critical of the U.S. Securities and Exchange Commission's handling of the crypto industry, saying the agency has been ineffective and opaque — and demanding that its chairman, Gary Gensler, appear before Congress.
Clashes on Capitol Hill seem more likely than the passage of sweeping legislation to address the many regulatory uncertainties over cryptocurrency. Whatever plays out in Congress, Emmer will probably have a strong say.
And after four years of running the House GOP's campaign arm, Emmer's new leadership post as House majority whip gives the Minnesotan far more visibility on legislation. Rep. Patrick McHenry, R-N.C., an Emmer ally, leads the House financial services panel that Emmer is serving on again this year.