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HomeNewsMinnesota Rep. Tom Emmer Slams Biden Admin's "Unfair" Targeting of Crypto Industry

Minnesota Rep. Tom Emmer Slams Biden Admin’s “Unfair” Targeting of Crypto Industry

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Minnesota Republican Representative and House Majority Whip Tom Emmer has come out swinging against the Biden administration’s perceived unfair treatment of the crypto industry. Emmer, a vocal supporter of the sector, has taken aim at the Energy Department’s request for information from 82 Bitcoin mining firms, calling it an “emergency” request that lacks sufficient evidence of public safety concerns.

In a letter to the Office of Management and Budget (OMB), Emmer expressed his disapproval of the request, citing the need for regulators to follow standard procedures under the Paperwork Reduction Act. The Majority Whip also accused the administration of using the information collected to push its anti-crypto agenda.

Emmer’s concerns extend beyond Bitcoin, as he believes the government’s actions could have a chilling effect on the entire crypto industry. The Representative’s stance is not without merit, as the lack of clear regulations has led to a lack of clarity and a perceived witch-hunt against the sector.

The crypto industry has faced criticism for its energy consumption, particularly in the context of Bitcoin mining. However, Emmer and other supporters argue that the administration’s actions are unfair and may stifle innovation in the sector.

The Representative’s concerns are not unfounded, as the federal administration has taken a tough stance on the crypto industry. The Securities and Exchange Commission (SEC) and the Commodities and Futures Trading Commission (CFTC) have targeted major cryptocurrency firms, including exchanges Binance and Coinbase, in an effort to reduce illicit activity.

Emmer’s concerns are not limited to the crypto industry alone. The Representative has also expressed skepticism about the Biden administration’s plans for a Central Bank Digital Currency (CBDC). A recent presentation by the US Federal Reserve (Fed) suggests that a CBDC is an important part of its “key duties” regarding payment systems, leading some to speculate that the administration may be more supportive of a CBDC than decentralized digital assets.

As the crypto industry continues to evolve, Emmer’s stance highlights the need for clear regulations and a balanced approach to the sector. While some may view the Representative’s concerns as overly partisan, his advocacy for the crypto industry is a reminder of the importance of fair treatment and the need for regulators to work with the sector, rather than against it.

Source: Crypto Mining News - Bing

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