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 was short-lived, however, after mounting objections to the nomination from key Republicans—led by former president Donald Trump. 

Within hours, Emmer reportedly withdrew from the race, starting the tumultuous process of selecting a new Speaker all over again.

His path to the gavel seemed plausible at first. 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.

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

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Author: Sander Lutz

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