House Majority Whip Tom Emmer (R-MN) told Breitbart News in an exclusive interview that pro-crypto lawmakers are beating the “dinosaurs” in Congress and “kleptomaniac bureaucrats” like SEC Chairman Gary Gensler in the war over the future of financial technology.
Emmer spoke to Breitbart News as the House was about to overwhelmingly pass H.R. 4763, the Financial Innovation and Technology for the 21st Century Act, or the FIT for the 21st Century Act.
Essentially, the legislation would protect consumers by increasing transparency, and better clarify the regulatory overlap between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on cryptocurrencies.
On the floor, Emmer said that the FIT for the 21st Century Act is about ensuring American dominance in the burgeoning financial technology industry:
The House on Thursday also passed the H.R. 5403 CBDC Anti-Surveillance State Act, a bill to prohibit the Federal Reserve from offering a central bank digital currency (CBDC).
And, last week, the House and Senate passed legislation to kill the SEC’s controversial Staff Accounting Bulleting No. 121, which would force banks that have cryptocurrencies on their balance sheets to list them as a liability.
Emmer explained that Democrats and Republicans alike are becoming more accustomed to embracing the benefits that come with the digital currency space. He argued that the opposition to cryptocurrencies largely comes from the oldest members of Congress.
He explained, “I look at the people who are arguing against this. They are all old; they are all 50 years old or older. This applies to 18 to 40 year old’s. It’s that age group, those voters, those constituents — this is their world, right? And these dinosaurs in Congress are literally standing in the way of this innovation. And literally, it’s the dinosaurs. And then it’s these kleptomaniac bureaucrats like Gary Gensler who are literally trying to stop the innovation so that they can control you.”
Emmer also said that these “dinosaurs” want a central bank digital currency because it would be used as a “surveillance tool.”
Indeed, some of the vocal opponents to cryptocurrencies appear to be at or near retirement age:
- Sen. Elizabeth Warren (D-MA), a staunchly anti-crypto progressive, is 74 years old.
- Rep. Brad Sherman (D-CA) is 69 years old.
- Rep. Maxine Waters (D-CA) is 85 years old.
Emmer said that lawmakers like Sherman and Waters are “carrying the water” for Gensler.
The Minnesota congressman said that the FIT for the 21st Century Act is “going to drive the next iteration of the internet, which is — it’s exciting. This is … the future — the future has arrived.”
Sean Moran is a policy reporter for Breitbart News. Follow him on Twitter @SeanMoran3.
