Republican Leadership Keeps a Crypto Advocate
Current House Majority Whip Tom Emmer (R-MN) was elected Republican whip on Nov. 10 for the incoming 120th Congress, a two-year term starting in January 2027. He will serve as minority whip, the party official tasked with coordinating Republican votes. At a leadership press conference, he pledged to help Republicans win back control of the House in 2028.
U.S. Senator Cynthia Lummis (R-WY) welcomed his reelection on X, highlighting their partnership on digital assets. Congratulating Emmer, Lummis wrote:
“Tom has been one of the strongest advocates for digital assets in Congress, and he has led the fight against a government-controlled CBDC and stood up for American innovators. Grateful for his partnership.”
The Republican leadership elections also chose Rep. Jim Jordan, R-Ohio, as incoming minority leader. Emmer outlined wider priorities, including lowering consumer costs, raising wages, and making housing more affordable. His whip role places him at the center of party negotiations, while Democrats will set the House agenda.
Policy Record Covers Token Rules, Developers, and Privacy
Emmer's Securities Clarity Act would distinguish a digital asset from the investment contract used to sell it. His Blockchain Regulatory Certainty Act addressed the regulatory treatment of developers and service providers. On Sept. 15, Emmer urged the Senate to pass the CLARITY Act, which incorporated provisions from those proposals in its House-passed version.
The Digital Asset Market Clarity Act, known as the CLARITY Act, proposed operating rules and a division of regulatory responsibilities for crypto markets. Proposals of this kind are known as market structure legislation. Its developer provisions covered software and services that support activities such as crypto ownership and self-custody. They aimed to keep providers that do not control customer funds from being treated as money transmitters.
Financial privacy formed another part of his agenda through the Anti-CBDC Surveillance State Act. It would bar the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals or indirectly through intermediaries. The House advanced it within a separate bill on April 29, but the Senate rejected a motion to take up that package on June 5, 47-52.
Ethics Disputes Complicate the Legislative Outlook
The House passed its version of the CLARITY Act 294-134 in July 2025, drawing support from both parties. The bill's Senate setback came on Sept. 15, when senators voted 49-50 against advancing it toward debate. That left supporters short of the 60 votes needed to proceed, despite their earlier success in the House.
In a later dispute with Rep. Maxine Waters, Emmer said he expected another Senate attempt after the midterms. Waters argued that the legislation needed stronger restrictions on President Donald Trump's crypto activity. Their disagreement concerned presidential financial interests alongside the proposed regulatory framework.
Galaxy Digital Inc. (Nasdaq: GLXY), a financial services and infrastructure company focused on digital assets, anticipated limited legislative progress in its post-election assessment. The firm also expected greater scrutiny of Trump-linked businesses. The new Congress begins on Jan. 3, 2027.
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