The Minnesota congressman was one of only a few crypto proponents in Congress being considered as a possible speaker of the House by Republican lawmakers.
Tom Emmer, the current majority whip and a crypto proponent, has reportedly dropped his bid to become the next speaker of the United States House of Representatives — a position second in line to the U.S. presidency.
According to multiple reports from major news outlets on Oct. 24, Representative Emmer ended his campaign for speaker after he was unable to secure the 217 Republican votes necessary to win on the House floor, a vote that had been expected sometime in the next day or two. The Minnesota congressman had only won the Republican nomination for speaker early on Oct. 24, making the race for the position open to a number of candidates once again.
Representative Emmer was the third candidate for speaker to drop his bid following a lack of Republican support. Following U.S. lawmakers in the House voting to remove former speaker Kevin McCarthy on Oct. 3, Representatives Jim Jordan and Steve Scalise have both attempted to drum up enough votes to win the speakership, but ultimately failed. Representative Patrick McHenry has been acting as interim speaker.
Emmer, a crypto proponent well known by many in the space, has spoken about financial privacy concerns regarding central bank digital currencies (CBDCs) and the non-partisan nature of regulating digital assets. Cointelegraph reached out to Emmer’s office following his nomination but did not receive a response at the time of publication.
Following Emmer’s nomination by Republicans, former U.S. President Donald Trump told his Truth Social followers that supporting the Minnesota congressman would be a “tragic mistake”. The former president’s message followed Emmer expressing his desire to continue a “strong working relationship” with Trump should he win the speakership.
Related: Crypto adoption crosses party lines amid Washington’s political deadlock
At the time of publication, it was unclear who the Republicans planned to nominate next for speaker. Since Oct. 3, the House of Representatives has been legislatively paralyzed on crypto bills passed by the Financial Services Committee, including the Financial Innovation and Technology for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act and the Keep Your Coins Act.
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