House Majority Whip Tom Emmer (R-MN) said during a press conference call on Thursday that the passage of three crypto bills recently is “nothing short of historic,” which helps advance President Donald Trump’s promise to make “America the crypto capital of the world.”
Emmer spoke to reporters as the House last week pass three major crypto bills that aim maintain America’s dominance in financial technology. The GENIUS Act, which aims to bring regulatory clarity, was signed into law by President Donald Trump.
The House also passed Emmer’s CBDC Anti-Surveillance Act, which would bar unelected bureaucrats from issuing a Central Bank Digital Currency (CBDC) as well as the CLARITY Act, which aims to provide a light-touch regulatory environment for the rest of the digital asset industry.
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“As a member of congress who’s been passionate about digital assets my entire congressional career, I can tell you that what we accomplished last week was nothing short of historic. Not only did President Trump sign the first piece of crypto legislation in the law. We also passed a clarity act and my Anti CBDC Surveillance [Act] with bipartisan support. President Trump ran and won on his promise to make America the crypto capital of the world, and last week, we took a monumental step to deliver that,” the House majority whip said.
He called on the Senate to pass the CLARITY Act, contending that the GENIUS Act and the CLARITY are “two halves of the same whole.”
“We cannot have clear rules of the road for stable coins and chaos for the rest of the digital assets ecosystem. I really trust that the Senate will take up the clarity act as soon as possible, and I’m glad, by the way, to see that the Senate Banking Committee has already released their initial discussion draft, which builds on this important legislation. But there’s another element the Senate must address, and that is protecting Americans from surveillance,” Emmer said, referring to the CBDC Anti-Surveillance Act.
He added that House leadership is looking at other avenues to pass the anti-CBDC language to the National Defense Authorization Act (NDAA), a must-pass defense bill.
The Minnesota conservative noted that the CLARITY Act has gone through robust revision, now going through its fourth or fifth version, which the Senate has not the same amount of time to devote to its own market structure legislation.
Emmer noted that Trump has asked for the CLARITY Act to be passed into law.
Senate Banking Committee Chairman Tim Scott (R-SC), Bernie Moreno (R-OH), Cynthia Lummis (R-WY), and Bill Hagerty (R-TN) issued on Tuesday an initial discussion draft of the Senate’s digital asset market structure legislation. Their draft intends to build on the CLARITY Act.
Trump wrote in mid-July, “Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote done this afternoon (ALL REPUBLICANS SHOULD VOTE YES!). This is our moment – Digital Assets, GENIUS, Clarity! It is all part of Making America Great Again, BIGGER AND BETTER THAN EVER BEFORE. We are leading the World, and will work hard with the Senate and the House to get even more Legislation on this passed!”
Sean Moran is a policy reporter for Breitbart News. Follow him on X @SeanMoran3.
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