Rep. Tom Emmer, a co-chair of the US Congressional blockchain caucus, has asserted his bullish outlook on the future of digital assets despite the FTX collapse. Emmer dismissed policymakers’ crypto anxiety after the collapse of FTX and hinted that the US digital assets legislation will be in place by next year. Emmer was speaking at a Blockchain Association event in Washington.
“People need to understand more out there that they shouldn’t be afraid of this. We need to use the stage that is Congress to promote all of you beyond the walls of the Capitol,” he noted.
Emmer has been elected as the incoming whip and he will organize Republican members of the House for legislative votes. He cautioned against exaggerating the current situation after FTX demise and its contagion has injured or wiped out many significant crypto firms.
Reflecting on the collapse of FTX, Emmer said, “This actually might be a failure of character.” The comments had an implied reference to the former FTX CEO Sam Bankman-Fried and his tweeted comments.
Emmer noted that “you do not get growth without taking the risk” and warned against do-gooders to “rush in and put a huge wet blanket of regulation atop this industry just because something didn’t go right.”
Emmer is also a member of the crucial House Financial Services Committee. He said the bipartisan work on crypto policy can be seen this year in the negotiations over a stablecoin bill and is a good example for the rest of Congress.
Meanwhile, the House Financial Services Committee reiterated calls for stricter regulation of digital assets and wanted bank regulators to look at stable coin legislation, and planned a hearing on the FTX collapse in December.
The panel’s leaders Chairman Maxine Waters and Rep. Patrick McHenry said the fall of FTX has heightened the need for their bipartisan crypto bill.
