House Republicans are meeting Tuesday to vote on their new speaker nominee, and cryptocurrency booster Tom Emmer could come out on top — with the crypto industry in his corner.
Emmer, a Minnesota Republican, ranks sixth in career contributions from the industry, according to data compiled by Open Secrets, a nonpartisan organization that tracks money in politics. Emmer was first elected to Congress in 2014.
Crypto: Bitcoin rallies to almost 18-month high on ETF optimism
Contributions to Emmer total $95,466, according to the data, which puts him behind other lawmakers including Rep. Patrick McHenry on North Carolina, who’s currently serving as temporary speaker while Republicans try to find someone to replace Rep. Kevin McCarthy.
McHenry chairs the House Financial Services Committee, whereas Emmer is a member of that panel. Emmer co-chairs the Congressional Blockchain Caucus and serves as majority whip, meaning he’s in charge of rounding up votes.
Ahead of the GOP’s meeting, betting markets were giving Emmer the best shot at the position, three weeks after McCarthy was ousted. A successful speaker candidate needs a majority of votes on the House floor.
In One Chart: House speaker election: Crypto advocate Tom Emmer seen as having the best chance of getting the job
Ron Hammond, government relations director of the Blockchain Association, on Monday noted on X that there are several pro-crypto candidates in the speaker race, but called Emmer “one of the ‘OGs’ of crypto legislation dating back to 2017.”
Bitcoin
BTCUSD,
+1.71%
and other cryptocurrencies are climbing Tuesday over optimism that an ETF based on bitcoin will soon be approved in the U.S.
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