Tom Emmer brushes off law enforcement concerns over Clarity Act

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Tom Emmer brushes off law enforcement concerns over Clarity Act House Majority Whip Tom Emmer said concerns from law enforcement groups about crypto developer protections are being overstated. Latest developments: Emmer joined CoinDesk's The Policy Protocol and said the Senate’s bipartisan movement on the Clarity Act shows crypto legislation still has momentum despite growing uncertainty in Washington. - Emmer pointed to the Senate Banking Committee’s 15-9 vote advancing the bill, arguing support extended beyond Republicans. - He said the House has spent years refining crypto market structure legislation and described CLARITY as the fifth or sixth iteration of the effort. - Emmer said lawmakers are trying to create clear distinctions between digital assets regulated as securities, commodities or cash equivalents. - He predicted Congress would ultimately send the legislation to President Trump’s desk. The debate: Emmer forcefully defended the Blockchain Regulatory Certainty Act (BRCA), which would shield some noncustodial software developers from money transmitter rules. - Law enforcement groups have raised concerns that the provision could weaken oversight or hamper investigations involving decentralized finance tools. - Emmer called those objections a “red herring” aimed at slowing the broader Clarity Act. - He argued developers who do not custody customer funds should not be treated as money transmitters. - Emmer said inconsistent state-by-state treatment of blockchain software developers is creating legal uncertainty for innovators. What this means: Emmer argued the U.S. needs clearer crypto rules to remain competitive globally. - He said companies want to innovate in the U.S. but need to understand “the rules of the road.” - Emmer criticized former SEC Chair Gary Gensler’s enforcement approach under the Biden administration. - He said the Clarity Act is designed to establish clearer distinctions between assets regulated by the SEC and the CFTC. - Emmer argued the legislation would encourage more companies to operate inside the U.S. regulatory framework. Reading between the lines: Emmer sought to frame crypto policy as a bipartisan issue rather than a partisan fight. - He said “Republicans and Democrats agree on this stuff” despite ongoing Senate negotiations. - Emmer argued some senators are using negotiations around the bill to gain leverage on unrelated issues. - He said the crypto industry supports candidates based on policy positions rather than party affiliation. - Emmer described crypto and digital assets as part of the future of “21st century finance.” Worth watching: Emmer said Congress is still debating how much authority regulators like the SEC and CFTC should have over crypto markets. - Renato Mariotti raised questions about whether the CFTC would need additional funding or staffing under a new regulatory framework. - Emmer said he favors “light touch regulation” and less authority for federal agencies. - He said Congress should focus on consumer protections and preventing fraud. - Emmer argued digital assets can provide more transparency than cash-based transactions. More For You Rep. James Comer is demanding internal records from the prediction market CEOs, warning that government employees could be using classified information to make “huge profits”. What to know: - The House Oversight Committee has opened an investigation into major prediction markets Polymarket and Kalshi over concerns that U.S. government employees may be using insider information to profit from policy and national security events. - Chair James Comer is seeking internal records from the platforms’ CEOs and has signaled he may...

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