Congressman Tom Emmer Bids for Speaker of the House Position

According to CoinDesk, Congressman Tom Emmer (R-Minn.), a co-chair of the Congressional Blockchain Caucus and sponsor of several crypto-related bills, announced on Saturday that he is running for the vacant Speaker of the House position. The Speaker of the House is responsible for managing the House of Representatives, scheduling votes, and moving legislation. Rep. Kevin McCarthy (R-Calif.) previously held the role but was removed earlier this month. Democrat Nancy Pelosi (D-Calif.) served as Speaker before her party lost the majority in the 2022 election.An individual familiar with the matter informed CoinDesk that Emmer, who currently holds the position of majority whip, was making calls for the Speaker on Friday. Emmer has sponsored legislation aimed at creating crypto-specific definitions for how tokens might fit into existing securities frameworks and preventing the issuance of a central bank digital currency. He has also signed onto letters and other initiatives pushing for clarity in the crypto industry.The Speaker of the House position has been vacant for over two weeks, following Rep. Kevin McCarthy's (R-Calif.) loss of a motion to vacate sponsored by a member of his own party, Rep. Matt Gaetz (R-Fla.). Two candidates, Congressmen Steve Scalise (R-La.) and Jim Jordan (R-Ohio), have already failed to secure enough votes to win the speakership. Jordan's bid ended earlier Friday after he lost a third vote in the House and a secret caucus vote. Several other lawmakers are also running for the position, but the House will not vote on any other candidates until next week. Congressman Patrick McHenry (R-N.C.), the chair of the House Financial Services Committee and Speaker Pro Tempore after McCarthy's ouster, set a tentative Tuesday morning vote. Republican candidates must confirm their bids by Sunday and will meet Monday to present their respective cases.