Rep. Tom Emmer, who opposes a digital dollar, is the GOP’s pick for Speaker of the House, but he lacks support from former President Trump and some party members.
The Republican Party has chosen Rep. Tom Emmer, a vocal advocate for the crypto industry, as its nominee for Speaker of the House, but he still faces a tough challenge to secure the position.
Emmer, who serves as the House majority whip and co-chairs the Congressional Blockchain Caucus, won an internal election on Tuesday, beating nine other candidates.
However, he will need to get 217 votes from the House floor, which could happen as soon as this afternoon.
According to sources close to the matter, Emmer’s support is dwindling by the minute as he faces opposition from former President Donald Trump and some of his own party members.
Trump, who has been critical of crypto in the past, said on his social media platform Truth Social that Emmer is not on his list of endorsed Republicans for Speaker.
The Speaker role has been vacant for three weeks after Kevin McCarthy was ousted in early October following a scandal involving his campaign finances.
Emmer is known for his anti-central bank digital currency (CBDC) stance, which he expressed in a bill he introduced in February and updated last month.
The bill aims to prevent the Federal Reserve from issuing a retail digital dollar, which Emmer argues would threaten privacy, sovereignty, and competitiveness.
“Any digital version of the dollar must uphold our American values of privacy, individual sovereignty, and free market competitiveness,” Emmer said in a statement. “Anything less opens the door to the development of a dangerous surveillance tool.”
Emmer’s nomination comes at a time when congressional leaders are clashing with each other and federal agencies over how to regulate the crypto industry.
Last week, the House passed an infrastructure bill that includes controversial crypto tax provisions despite protests from some lawmakers and industry groups.
