Unchained Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’ - Ep. 478
Apr 7, 2023
Congressman Tom Emmer, House Majority Whip and a vocal advocate for crypto, dives into the complexities of U.S. cryptocurrency regulation. He argues that the recent clampdown on crypto aims to disconnect it from the banking system. Emmer criticizes SEC Chair Gary Gensler, labeling him a 'bad-faith regulator.' He discusses the shifting views in Congress, the polarized approach to blockchain, and the ramifications of the FedNow system. Emmer warns that current U.S. attitudes could undermine the nation's economic power in the global crypto arena.
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Operation Choke Point 2.0
- Rep. Emmer believes the US government is trying to stifle the crypto industry, citing the downfall of Silvergate, Silicon Valley, and Signature banks.
- He suggests regulatory pressure led to Silvergate's closure despite no customer losses, and questions the FDIC's handling of Signature Bank's crypto assets and its Signet payment system.
Growing Crypto Interest in Congress
- Congressional interest in crypto has surged since the 2021 infrastructure bill, with more members actively learning about its implications.
- Rep. Emmer observes a growing understanding, especially among House Republicans, but also among some Democrats, of the technology's potential.
Crypto Partisanship?
- Rep. Emmer argues that crypto is not inherently partisan, but some, like Sen. Warren, oppose it due to their preference for centralized financial control.
- He believes the push for a CBDC further reveals this desire for government surveillance.
