The crypto community rejoiced Tuesday upon learning that Representative Tom Emmer (R-MN), an outspoken advocate for the novel financial industry, had secured the Republican nomination for Speaker of the House. That excitement may be short-lived, however, given mounting objections to the nomination from key Republicans—including former president Donald Trump.
In a closed-door, informal vote among the House’s 221 Republicans, Emmer received 117 votes to become the party’s next candidate for Speaker. He will now have to win a vote on the House floor to secure the position: a feat that has been attempted and failed, repeatedly, by multiple other Republican congressmen in recent weeks, following the historic ousting of former Speaker Kevin McCarthy (R-CA) earlier this month.
In the minutes following news of the nomination, numerous prominent crypto executives and influencers took to Twitter to voice their support for Emmer’s candidacy, marveling at the possibility of having such a vocal ally of their industry rise to such a powerful position in the American political system.
Emmer, currently the third-highest-ranking Republican in the House, has cemented a reputation over the last year and a half as one of Washington’s fiercest and most unconditional crypto proponents. He has lambasted federal agencies for blacklisting privacy-minded crypto tools, defended the crypto industry even amidst the politically seismic collapse of FTX last November, and—in light of Securities and Exchange Commission (SEC) chair Gary Gensler’s apparent hostility to crypto—gone so far as to draft a bill legally mandating Gensler’s firing.
Should Emmer successfully receive a majority vote from the House on his Speaker nomination, he would undoubtedly become the most powerful pro-crypto politician in American history. The Speaker of the House is next in line to the presidency after the Vice President.
But questions abound as to whether Emmer can corral enough support from his Republican colleagues to secure the Speakership. On Tuesday, just after Emmer received the Speaker nomination, Trump issued a harsh rebuke of the congressman, imploring other Republicans to torpedo his candidacy.
“I have many wonderful friends wanting to be Speaker of the House, and some are truly great Warriors. RINO Tom Emmer, who I do not know well, is not one of them,” Trump wrote on Truth Social, his social media platform, using an acronym for “Republican in name only.”
“Voting for a Globalist RINO like Tom Emmer would be a tragic mistake!” the former president continued, after accusing Emmer—who markets himself as a close Trump ally—of being disingenuous in his loyalty.
The critique could bode poorly for Emmer, who must clinch the support of a core rump of right-wing, fiercely pro-Trump congresspeople to attain the Speakership, given Republicans’ current razor-thin House majority.
One such congressman, Matt Gaetz (R-FL), who himself instigated the ouster of former Speaker Kevin McCarthy earlier this month, jumped on Trump’s critique of Emmer as soon as it was issued, calling it a potential game-changer.
Tom Emmer, an advocate for the crypto industry, has been nominated as Republican speaker of the House. This is good news for the crypto community as Emmer is one of the most powerful pro-crypto politicians in American history. However, due to the Republicans’ current razor-thin House majority and former president Donald Trump’s critique of Emmer, his candidacy is in question and uncertain. It is yet to be seen if he can secure the majority vote from the House and become the Speaker.
You can read more about this topic here: Decrypt: Tom Emmer Nominated as House Speaker to Crypto Cheers, Trump Jeers