Rep. Tom Emmer Named Vice Chair of House Subcommittee on Digital Assets

Key Takeaways

Rep. Tom Emmer has been named Vice Chairman of the House Subcommittee on Digital Assets.
Emmer is a known crypto advocate, against strict federal regulations on digital assets.

Rep. Tom Emmer has been named vice chairman of the House Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence, FOX Business correspondent Eleanor Terrett reported Tuesday. The appointment comes after representative Bryan Steil was named chairman of the subcommittee last week.

“With President Trump in the White House, and Gary Gensler confined to the Washington dustbin, we have a great opportunity to ensure that the future of digital assets is driven by Americans, with American values,” Emmer said in a report.

The subcommittee's jurisdiction covers digital assets, stablecoins, central bank digital currencies (CBDCs), innovative financial technologies including mobile banking and non-redeemable tokens (NFTs), and the impact of AI in finance.

Emmer, who collaborates with Rep. French Hill and Rep. Steil on legislative and regulatory issues, expressed his commitment to fostering “an environment where digital asset innovation can thrive.”

A known crypto advocate in Congress, Emmer has consistently opposed strict federal regulations on digital assets. He has proposed several bills related to crypto, focusing on regulatory transparency. One of the most notable is the CBDC State Anti-Surveillance Act.

This legislation, passed by the House on May 23, 2024, seeks to prevent the Fed from issuing a CBDC that could allow the government to monitor practices separate consumption. The bill protects privacy and ensures that digital currency policy remains in the hands of the American people rather than unelected bureaucrats, Emmer said.

After passing the House, the bill now moves to the Senate for consideration.