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Lawmaker Tom Emmer Throws Hat in Ring for House Speaker Role
The House hasn't had a speaker since the beginning of October, threatening any further advancement of crypto bills sitting before the legislative body.
Updated Oct 23, 2023, 4:18 p.m. Published Oct 23, 2023, 8:20 a.m.
Congressman Tom Emmer (R-Minn.), who's sponsored a number of crypto-related bills over the past few years and is a co-chair of the Congressional Blockchain Caucus, said Saturday he's making a bid for the vacant Speaker of the House position.
The Speaker of the House runs the House of Representatives, scheduling votes and moving legislation. Rep. Kevin McCarthy (R-Calif.) took on the role earlier this year, but was ousted earlier this month. Democrat Nancy Pelosi (D-Calif.) was the previous Speaker, until her party lost the majority in the 2022 election.
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An individual familiar with the matter told CoinDesk that Emmer, who's currently the majority whip – meaning he's the second-highest ranking member of the House Republican caucus – was making calls for the Speaker on Friday.
Emmer has sponsored legislation that would create crypto-specific definitions for how tokens might fit into existing securities frameworks, as well as to block the issuance of a central bank digital currency. He's signed onto letters and other initiatives similarly pushing clarity for the crypto industry.
Read more: Crypto Needs Congress, But U.S. Lawmakers Have Opted for Pandemonium
The role has been vacant for over two weeks, after Rep. Kevin McCarthy (R-Calif.) lost a motion to vacate sponsored by a member of his own party, Rep. Matt Gaetz (R-Fla.).
Two candidates have already failed to secure enough votes to win the speakership – Congressmen Steve Scalise (R-La.) and Jim Jordan (R-Ohio). Jordan's bid ended earlier Friday after he lost a third vote in the House (and then a secret caucus vote). A handful of other lawmakers are also running for the position, though the House won't 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 have to confirm their bids by Sunday, and will meet Monday to present their respective cases.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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CFTC Launches Digital Assets Pilot Allowing Bitcoin, Ether and USDC as Collateral
Acting Chair Caroline Pham has unveiled a first-of-its-kind U.S. program to permit tokenized collateral in derivatives markets, citing "clear guardrails" for firms.
What to know:
- The CFTC has launched a pilot program allowing BTC, ETH and USDC to be used as collateral in U.S. derivatives markets.
- The program is aimed at approved futures commission merchants and includes strict custody, reporting and oversight requirements.
- The agency also issued updated guidance for tokenized assets and withdrew outdated restrictions following the GENIUS Act.
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