Majority whip of the U.S. House of Representatives, Tom Emmer, has lambasted the Treasury Department’s recommendations for more control over crypto. He has also criticized CBDCs, calling them “surveillance tools.<br /><br />Emmer's Warning Against Treasury's Intervention<br />House Majority Whip Tom Emmer (R-Minn.) remains a vocal advocate for the crypto industry, taking a stand against recent attempts by the Treasury Department to tighten its grip on the crypto sector. As a member of the House Financial Services Committee, Rep. Emmer didn't mince words when expressing his concerns about the agency's intentions, criticizing its perceived savior-like complex during the Blockchain Association Policy Summit in Washington, D.C.<br /><br />He said,<br />I've always had this attitude — beware of the self-proclaimed savior that rides in on a white horse and tells you I'm here to protect you.<br /><br />Emmer's Stance On CBDCs.<br />Rep. Emmer has also pushed back on central bank digital currencies (CBDCs), countering Treasury Deputy Secretary Wally Adeyemo's call for increased oversight tools. Emmer, in a fireside chat with Marco Santori, chief legal officer for crypto exchange Kraken, didn't hold back, stating unequivocally,<br /><br />"The central bank digital currency is nothing more than a surveillance tool. This is a very dangerous slope that we're going down."<br /><br />Treasury's Recommendations <br />This week, the Treasury Department forwarded recommendations to lawmakers, proposing new sanctions tools and seeking to strengthen its control over dollar-based stablecoins. Deputy Secretary Adeyemo emphasized the need for stringent measures against "dollar-backed stablecoin providers" outside the U.S. <br /><br />Emmer, however, pushed back against these recommendations, highlighting the Treasury's silence on inquiries about crypto's role in financing Hamas.<br /><br />Emmer emphasized, <br /><br />"They want to swallow this all up into the surveillance security state that they've created. We just can't let it happen. This is Congress's purview, not his.”<br /><br />Sen. Cynthia Lummis' Moderate Approach<br />In contrast, Sen. Cynthia Lummis (R-Wyo.), a member of the Senate Banking Committee, took a measured stance during the Blockchain Policy Summit. When asked about the Treasury's proposal in a panel discussion, she stated,<br /><br />"I'm going to be looking specifically at what they recommend with regard to mixers and tumblers to see if that's an area where we can sit down with Treasury."<br /><br />As the battle between crypto advocates and regulatory forces intensifies, Rep. Emmer's unwavering stance against overreach and CBDCs is a significant voice in defense of the industry's autonomy. The evolving landscape of crypto regulation remains a contentious arena where every statement and action shapes the future contours of this burgeoning sector.<br />
