Key Takeaways
- Emmer will coordinate Republican votes in the incoming Congress.
- Lummis praised his crypto advocacy and opposition to a central bank digital currency.
- Ethics disputes and Senate setbacks complicate the path for crypto legislation.
Republican Leadership Keeps a Crypto Advocate
Current House Majority Whip Tom Emmer (R-MN) was elected Republican whip Nov. 10 for the incoming 120th Congress, the two-year term beginning in January 2027. He will serve as minority whip, the party official responsible for coordinating Republican votes. At a leadership press conference, he pledged to help the Republican party win back control of the House in 2028.
U.S. Senator Cynthia Lummis (R-WY) welcomed his reelection on X, emphasizing their digital asset partnership. 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 selected Rep. Jim Jordan, R-Ohio, as incoming minority leader. Emmer outlined broader priorities including lower consumer costs, higher wages, and affordable housing. His whip position places him in party negotiations, while Democrats will control 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 regulatory treatment of developers and service providers. On Sept. 15, Emmer urged the Senate to pass the CLARITY Act, which included 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. Such proposals are known as market structure legislation. Its developer provisions covered software and services supporting activities such as crypto ownership and self-custody. They sought to prevent 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 prohibit Federal Reserve issuance of a central bank digital currency (CBDC) directly to individuals or indirectly through intermediaries. The House advanced it within a separate bill April 29, but the Senate rejected a motion to take up that package 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 CLARITY Act’s Senate setback came Sept. 15, when senators voted 49-50 against advancing it toward debate. That left supporters short of the 60 votes required to proceed, despite their earlier success in the House.
During his subsequent disagreement with Rep. Maxine Waters, Emmer expected another Senate attempt after the midterms. Waters argued that legislation needed stronger restrictions on President Donald Trump’s crypto activity. Their dispute 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 Jan. 3, 2027.
