Original: “Come, meet Tom Emmer, the legislator in the House of Representatives who is most supportive of the cryptocurrency industry.”
Author: Jessica
The Ripple case, which lasted for three years, finally came to an end. As a result, XRP surged in price. On July 14th, its 24-hour increase exceeded 65%, and its price briefly soared to 0.94 USDT, making it the fourth largest cryptocurrency by market capitalization, only behind BTC, ETH, and USDT. Following this, various exchanges opened up trading for XRP, with Coinbase, Upbit, BitGo, and others announcing the listing of XRP. The daily spot trading volume on exchanges increased by nearly 4 billion USD after the ruling.
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In addition to XRP, the entire cryptocurrency market is also in high spirits, with BTC and ETH reaching new highs of 31,550 USDT and 2,000 USDT, respectively.
All of this is not only due to the relentless resistance of native cryptocurrency enthusiasts against the U.S. SEC, but also the support from “crypto-friendly” legislators. Today, Odaily will introduce a man who has been active in the cryptocurrency industry. He is Tom Emmer, the Majority Whip of the U.S. House of Representatives, who has introduced bills such as “The Securities Clarity Act,” “SEC Stability Act,” and “Blockchain Regulatory Clarity Act.”
According to public information, Tom Emmer was born in 1961. He obtained a Bachelor’s degree in Political Science and a Juris Doctorate. In 2015, he joined the U.S. House of Representatives and became a member of the House Financial Services Committee and the House Republican Steering Committee. He was recently elected as the Majority Whip for the 118th Congress.
After the conclusion of the XRP case, Tom Emmer posted on social media, stating, “The Ripple case is a milestone development that establishes the independence and distinction between tokens and investment contracts, regardless of whether the tokens are part of an investment contract. Now, let’s make it law.“
The “making it law” that Tom mentioned refers to the bipartisan introduction of “The Securities Clarity Act” by him and Congressman Darren Soto on May 18th. This bill argues that the current securities laws do not distinguish between assets and the possible securities contracts they may or may not belong to. Many cryptocurrencies may initially be issued as part of a securities contract, but once the project is fully developed and decentralized, the tokens may belong to different categories, such as commodities.
If assets and securities contracts are not distinguished, token projects that need to raise funds in the early stages will be unable to break free from the securities framework once they are decentralized. This will hinder the use of these tokens and harm the interests of token holders.
The “Securities Clarity Act” introduces a new key term, “investment contract asset,” into existing securities laws, which will allow cryptocurrency projects to fully leverage their potential in a compliant manner and enable the United States to participate in global competition in the next generation of the Internet. This legislation is crucial for ensuring robust domestic innovation and maintaining U.S. global competitiveness.
In Tom’s eyes, the strong regulatory actions taken by the SEC towards cryptocurrencies are playing political games. As early as March 16, 2012, Tom accused the SEC of abusing its power to investigate cryptocurrency companies and sent a letter to SEC Chairman Gary Gensler on behalf of both parties in the United States, requesting the SEC to publicly collect standard procedures and ensure that these investigations do not violate the Administrative Procedures Reduction Act, which restricts the federal government’s burden and investigative power on private enterprises and the public.
Institutions like Coinbase have been calling for clarity in regulatory legislation in the United States, and Tom has been committed to this as well. In addition to the Securities Clarity Act mentioned earlier, on March 23, 2023, he and Darren Soto reintroduced the Blockchain Regulatory Clarity Act to Congress. This bill ensures that blockchain developers who do not custody consumer funds and non-custodial service providers (including miners, validators, and wallet providers) should not be considered money transmitters and should not be subject to the same level of regulation as cryptocurrency exchanges that provide custody services.
It is understood that the Blockchain Regulatory Clarity Act was initially proposed on August 17, 2021, but did not progress further.
On June 6, the SEC filed a lawsuit against the cryptocurrency exchange Coinbase in the New York federal court. On June 13, Tom Emmer and Congressman Warren Davidson introduced the SEC Stability Act, which aims to remove Gensler from his position as SEC chairman and reform the SEC.
“U.S. investors and the industry deserve clear and consistent supervision, not political games,” said Tom Emmer in a press release. “The U.S. SEC Stability Act will make sensible changes to ensure that the priority of the U.S. SEC is the investors they are responsible for protecting, rather than the whims of their reckless chairman.”
Although the process of “regulatory clarity” in the cryptocurrency market is long and arduous, it is because of the persistent support of people like “Tom Emmer” that one day we may usher in a spring of regulation, no longer enduring years of litigation or being forced to settle, but thriving under legitimate regulation.
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