Crypto regulations expected soon regardless of election outcome

U.S. House Majority Whip Tom Emmer has expressed strong confidence that cryptocurrency legislation will be implemented soon, regardless of the outcome of the upcoming elections. 

Speaking at the Messari Mainnet conference in New York, Emmer emphasised that regulatory changes are on the horizon for the digital asset sector. 

"Regardless of the outcome, I expect digital asset legislation to start moving in both bodies," Emmer said, indicating that crypto laws are inevitable. 

This statement aligns with the growing support for crypto-related regulations on both sides of the political spectrum. 

Emmer highlighted recent bipartisan efforts in Congress, including a surprising shift in stance from some key Democrats. 

Senate Majority Leader Chuck Schumer and other Democrats voted to overturn an anti-crypto banking rule, and 71 House Democrats joined Republicans to pass FIT21, a critical crypto market structure bill. 

Even former opponents of crypto regulation, like Rep. Maxine Waters, have acknowledged the growing influence of cryptocurrency. 

Waters recently stated that "crypto is inevitable," signaling a significant change in sentiment toward digital assets. 

Emmer believes that if Republicans gain control of the House, Senate, and White House in 2025, crypto legislation could be enacted more quickly. 

His top priorities include a market structure framework, a bill outlawing the creation of a U.S. central bank digital currency (CBDC), and a law facilitating the creation of dollar-backed stablecoins worldwide, provided they meet U.S. Treasury regulations. 

According to Emmer, these regulatory changes will provide much-needed clarity for the American crypto industry, which is currently grappling with uncertainty. 

However, he cautioned against creating an entirely new regulatory body specifically for crypto, stating, "Be careful what you wish for. You do not want that."