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Tom Emmer

Tom Emmer (R)

Crypto Sentiment

Very supportive




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Notable statements

Rep. Tom Emmer has 23 statement(s) about crypto.

"The crypto community will build with or without us. Congress’s job is to develop common-sense, innovation-forward regulations so opportunities stay here at home and Americans can adopt this technology with confidence."

@RepTomEmmer June 22, 2022 on Twitter

"✅Crypto donations to Ukraine have totaled almost $100 million. ✅40% of the vendors supporting Ukraine have accepted crypto as payment. ✅Banks in Ukraine are not operating. Crypto exchanges are operating 24/7. Crypto is essential."

@RepTomEmmer March 24, 2022 on Twitter

"The U.S. is not “behind China on crypto.” CBDCs are not crypto – they’re a government surveillance tool. Crypto creates freedom, it doesn’t destroy it."

@RepTomEmmer March 30, 2022 on Twitter

"Another day, another baseless rejection of a Bitcoin spot ETF."

@RepTomEmmer January 27, 2022 on Twitter

"Nothing makes the case for crypto more than a government freezing bank accounts to suppress free speech…"

@RepTomEmmer February 15, 2022 on Twitter

"Viewing crypto as merely a financial investment misses the entire point."

@RepTomEmmer July 14, 2022 on Twitter

"The SEC’s announcement to nearly double the size of its crypto enforcement unit does not seem very technology neutral.🤔"

@RepTomEmmer May 5, 2022 on Twitter

"Thanks, Gary, for protecting investors from crypto, the best performing asset class on the market. You are really helping Americans buy homes, save for college, and plan for retirement."

@RepTomEmmer December 21, 2021 on Twitter

"My office has received numerous tips from crypto and blockchain firms that SEC Chair @GaryGensler’s information reporting “requests” to the crypto community are overburdensome, don’t feel particularly… voluntary… and are stifling innovation. his is why I sent a bipartisan letter today to SEC Chair @GaryGensler with @RepDarrenSoto, @WarrenDavidson, @RepAuchincloss, @RepDonaldsPress, @RepJoshG, @RepTedBudd, and @RepRitchie regarding the SEC’s crypto information seeking process While the SEC has authority to obtain info from market participants for rulemaking purposes, it must ensure that these inquiries don't infringe on the standards established in the Paperwork Reduction Act, which limits the burden the govt. imposes on private businesses & citizens. Crypto startups must not be weighed down by extra-jurisdictional and burdensome reporting requirements. We will ensure our regulators do not kill American innovation and opportunities."

@RepTomEmmer March 16, 2022 on Twitter

"Self-directed 401(k) accounts should be… self directed. Congress will ensure the government cannot prohibit Americans from investing part of their self-directed 401(k) accounts in Bitcoin or any other assets. Proud to support @RepDonaldsPress and @SenTuberville Financial Freedom Act of 2022."

@RepTomEmmer May 20, 2022 on Twitter

"@GaryGensler, you put all of the SEC’s taxpayer funded resources into crypto crackdowns. Now you don’t have the funds to do your actual job so you’re coming to Congress for more? You’ve got to be kidding me. via @POLITICOPro"

@RepTomEmmer May 20, 2022 on Twitter

"Even when 60% of the world’s Bitcoin mining was forced out of China, the network remained reliable. This technology is capable of so much—if we let it."

@RepTomEmmer December 30, 2021 on Twitter

"We should logically be able to use crypto for everyday, small dollar transactions. Our tax code shouldn’t complicate that. Proud to support @RepDelbene’s very commonsense bill."

@RepTomEmmer February 3, 2022 on Twitter

"Just finished reviewing Biden’s Executive Order on Digital Assets… Here are a few thoughts: As expected, this Executive Order directs various federal agencies to study benefits and risks of digital assets to our economy/global competitiveness and provide legislative recommendations. Crypto, tokenization, blockchain, NFTs, smart contracts, & stablecoins are powering a more viable economic structure with individual autonomy. As a country, it’s imperative that we develop a strategy to foster this innovation. (The @BlockCaucus has been advancing a pro-crypto legislative and oversight agenda for the past 8 years.) Sec. 1 findings of the EO are sound: We have a national interest in fostering digital asset innovation. The rest of the EO focuses on consumer protection, systemic risks, global competitiveness, international standards, and placing guardrails on code to make sure its resilient. Now, let’s read between the lines: 1) Decentralization is the Point: The EO doesn’t mention decentralization once. The disintermediation of our economy will enable all Americans, regardless of circumstance, to decide their futures, not a bank or Big Tech or the government. Given this Admin’s regulatory posture toward the crypto community, we have no reason to assume that the directives in the EO will yield results that appropriately acknowledge the importance of leading w. digital asset policies that prioritize open, permissionless, & private tech. 2) The EO places the “highest urgency” on the agencies to study CBDCs. Any commonsense analysis of a potential U.S. CBDC that is not open, permissionless, and private would illuminate that the very idea is an entire nonstarter and a disservice to Americans. 3) Most fortunately, the EO doesn’t ask the SEC to weigh in. SEC Chair Gensler has spent the past year intimidating crypto innovators and entrepreneurs with his unproductive regulation by public statement and enforcement action. His input is not critical. Overall, it’s critical that we maintain tech and economic leadership on the global stage and I look forward to continuing to work to find bipartisan solutions to keep our great crypto community right here in the United States."

@RepTomEmmer March 9, 2022 on Twitter

"I wonder how many taxpayer dollars are being wasted in @GaryGensler’s personal crusade against the crypto industry?"

@RepTomEmmer May 3, 2022 on Twitter

"I've been co-leading the bipartisan Blockchain Caucus with @RepDarrenSoto. As 2021 wraps up, I wanted to update you on the Caucus, my work and what we need to accomplish in 2022 to support crypto and web3 innovation in the US. Let's start with the different actors on the Hill moving crypto policy: 1. @BlockCaucus: We're a group of 40+ Republicans & Democrats who work together to advance a commonsense regulatory approach for web3. The Caucus's support has become instrumental to advancing web3 policy. 2. @FinancialCmte: Congress can't ignore crypto anymore. @PatrickMcHenry prioritized crypto policy for Republicans on the Committee. Maxine Waters, the Chair, followed suit to some degree, but Ds typically lean skeptical for investor protection and environmental reasons. This may lead some to think crypto policy is becoming partisan - it is not. Education is key to orange pilling, and FSC's last crypto hearing reaffirmed that crypto is very much still nonpartisan. 3. Senate Banking + Finance Committees: In wake of the Infrastructure bill fiasco and misguided crypto tax amendment, key members on these committees spoke out and supported legislative fixes. This helped identify members willing to lead on crypto in the Senate. 4. Industry: Many incredible organizations educate Members + their staff. There are three keystone groups: @coincenter (a think tank), @BlockchainAssn and @DigitalChamber. More groups are coming on the scene to represent crypto interests. We are immensely grateful to all. Now for a recap of what's been done: In 2021, Congress introduced 35 crypto bills. There are several bipartisan, industry supported proposals on the table. I have introduced three bipartisan crypto bills and have cosponsored many more. But, we have yet to see anything pass out of Congress and get signed into law. We will very likely see this change after the midterms, so it's more important than ever to start preparing our agenda for the next term. 1. McHenry's Keep Innovation in America Act - this is a good fix for the crypto pay-for in the infrastructure bill. 2. My bill, the Securities Clarity Act - helps determine when a token is offered as part of a securities contract or not. 3.@CongressmanGT's bill, the Digital Commodities Exchange Act, gives the CFTC the authority to regulate crypto spot markets. 4. And finally, a SEC token safe harbor bill that takes an issuer from issuance to decentralization. McHenry has one that mimics Hester's proposal ipartisanship for all bills is key. But Congress has two primary jobs: 1) legislating. 2) holding regulators accountable (some folks at the SEC come to mind). Bills are hard to pass, so holding regulators accountable is just as important of a job, if not more. This Congress, I put pressure on our regulators on everything from crypto tax to BTC ETFs to crypto accounting standards and much more. There's a lot of work to be done, and a focus on stablecoins, CBDCs, BSA/KYC, mining, and tax will be top of mind for Congress. That said, we still have foundational questions to answer. What digital assets are securities/commodities/currency? Lots to figure out, but we have all of 2022 to gear up for it so we can pass critical legislation when the agenda and priorities change after the midterms."

@RepTomEmmer December 31, 2021 on Twitter

"Another bad take. US-regulated crypto exchanges are compliant with sanctions -- that fact alone highlights the need to foster crypto innovation domestically and not push it offshore. Crypto is one of the only ways to securely and reliably get funds into Ukraine. Let’s focus on that & not spew misinformation that has been discredited by Treasury officials."

@RepTomEmmer March 8, 2022 on Twitter

"ICYMI: In June, I sent a bipartisan letter with @RepAuchincloss to Fed Chair Powell seeking information on the federal government's digital asset holdings. US law enforcement regularly captures and seizes cryptocurrency and auctions that crypto off to the public. This process is not transparent, and there are reports that, as of February 2022, the US government owned over $4 billion in Bitcoin alone. If that is the case, the US would be a large digital asset holder, able to materially impact market trends through sales or purchases. Congress must have insight from the Fed so we can establish informed regulatory guidelines."

@RepTomEmmer August 8, 2022 on Twitter

"The future of crypto, web3, and the “ownership economy,” cannot and must not be dictated by any entity that is supposed to be independent, but instead takes its cues from a political agenda. 🧵 Secretary Yellen chairs the Financial Stability Oversight Council (FSOC), an independent council of regulators tasked with identifying financial stability risks and aligning regulatory frameworks around those systemic risks. Today, Secretary Yellen confirmed that the FSOC is not supposed to take direction from the White House, as that would compromise the independence of the council. This doesn’t seem to be the case when it comes to digital assets and stablecoins… Instead, the PWG wants Congress to pass stablecoin legislation that doesn’t have consensus in Congress, not even amongst Committee Democrats, and is threatening to utilize the "independent" FSOC as a vehicle to circumvent Congress and the American people on digital asset policy. If Congress doesn’t pass the legislation the Admin wants us to pass? Doesn’t matter. The stablecoin report & the crypto EO both direct FSOC to find risks with digital assets and stablecoins - once they label it as systemically risky, regulators can move forward with their agenda. This recent history demonstrates to me that the FSOC is no longer independent of partisan pressures and should be brought under Congressional appropriations so elected officials can make sure the voices of the voters are represented in the decisions of the FSOC. For that reason, I introduced the FSOC Reform Act, which brings the FSOC under congressional oversight and increases the transparency of the council. The future of crypto will be decided by the American people, not bureaucrats. Congress has recognized that this bureaucratic regulatory posture on digital assets is unproductive. So, we are working together, across the aisle, to find solutions that will allow the United States to lead in digital asset policy."

@RepTomEmmer May 12, 2022 on Twitter

"Over the weekend, I chatted with @SwanSit at @veecon in Minneapolis about the future of web3 in the United States and government’s responsibility to not mess it up. Great to speak with an awesome, engaging audience. Remember: Your government works for you."

@RepTomEmmer May 23, 2022 on Twitter

"As you know, a substantial portion of digital asset miners’ energy use is based on renewable sources. Additionally, many miners use other power sources, like natural gas, that may otherwise go unused. JAI Energy in Wyoming is an example of a company that is working with oil and gas producers to make a positive environmental impact through bitcoin mining. Bitcoin mining that utilizes flared gas is also reducing methane emissions in Texas, New Mexico, Colorado, West Virginia, Ohio, and North Dakota. This private sector-led breakthrough is an important tool to a lower emission future. Finally, digital asset mining can have a substantial stabilizing effect on energy grids. It maintains robust baseload levels, yet it can be switched off quickly in times of peak demand. Most importantly, digital assets, and their related mining activities, are essential to the economic future of the United States. Other countries are rapidly moving to adopt digital assets and are attracting large amounts of capital and talent in the hopes of growing their own financial services sectors as digital assets and distributed ledger technology are widely adopted in the coming decade. The United States, as the global financial services leader, cannot rest on its laurels. We must focus on promoting responsible innovation so that our country can compete in a hypercompetitive, globalized economic system. Treasury Secretary Yellen articulated it best last week when she stated regulation should also be “tech neutral.” Favoring one technology over another, including proof-of-work versus proof-of-stake, can stifle innovation, erode future economic gains, and limit affiliated efficiencies. Digital assets are an essential component of promoting financial inclusion and have created new wealth building opportunities for Americans. American leadership in digital asset technologies is essential to ensuring the next generation of Americans can enjoy the prosperity and opportunity that our country has been blessed with. As you evaluate the potential environmental issues surrounding digital assets, the critical role that responsible innovation will play in our long-term economic future cannot be overlooked."

Representative Tom Emmer & Colleagues Letter to Michael Regan, Administrator of United States Environmental Protection Agency, June 16, 2022

"We are living in extraordinary times that have forced us to depend upon digital solutions like never before. The impacts of the Coronavirus are everywhere: from working and teaching remotely to transferring desperately needed funds – the ways in which we engage digitally has only grown. Your agencies are engaged in alleviating the impact of this crisis right now. Blockchain technology is an important resource that the United States must pursue to ensure that we can protect the well-being of our people and ensure economic prosperity. The membership of the Congressional Blockchain Caucus urges your consideration, support, and implementation of utilizing blockchain technology that could greatly mitigate the effects of the Coronavirus. In addition, convening leaders in both the private and public sectors to meet and develop a coordinated strategy to utilize blockchain technology would help facilitate relief to those impacted by this extraordinary threat. The United States must establish and maintain a digital infrastructure that is reliable, accurate, flexible, and secure. There are numerous examples in which blockchain technology can ease the way in which we interact digitally. Among some of the potential solutions blockchain can assist with include identity, supply chains, and registries. First, simply authenticating an individual’s identity to receive necessary funding or supplies could be facilitated securely with digital identity solutions using blockchain technology. The built-in architecture of blockchains enables seamless identification, for example, when receiving government benefits, while its strong encryption protects sensitive data. Managing our crucial supply chains, in which identifying where supplies originate, their transportation routes, arrival times, and inventories are critical for government and consumers alike, from food safety, to pharmaceuticals, to the medical supply chain. The lack of these fundamental supplies has served as a wake-up call across the nation as we continue to struggle to track, reroute, and deliver necessary supplies to those who need them most. Blockchains can even serve as registries for licensed doctors, nurses, and other health care providers to better enable appropriate identification and possible deployment of these skilled resources in times of crisis. Lastly, blockchain can improve the registries of medical professionals and the necessary certifications and licenses during this time. In addition to identity solutions to verify experience and required qualifications, registries of medical professionals as well as needed personal protective equipment (PPE), among others, could improve deployment and efficiencies of critical resources."

Representative Emmer & Colleagues letter to President Trump, Director Droegemeier, Director Vought, Secretary Azar, Secretary Ross, Director Redfield, Commissioner Hahn, and Administrator Gaynor, September 2, 2020

"Cryptocurrencies and the open blockchain networks they power embody a true technological revolution that promises greater efficiencies, vibrant innovation, and financial inclusion. We wrote in April of this year urging the issuance of guidance for taxpayers who use cryptocurrencies and we are pleased to see that you have issues guidance and addressed many questions we posed. We are, however, concerned that this recent guidance creates many new questions related to the topics it seek to address, namely forks and airdrops. Moreover, the guidance appears inequitable as it comes almost two years after the Bitcoin and Bitcoin Cash fork and three years after the Ethereum fork. The hypothetical fact patterns concerning forks and airdrops offered in this guidance do not appear to bear a close resemblance to actual forks or airdrops as they have offered in the cryptocurrency ecosystem. Without clear and accurate hypotheticals for taxpayers to measure against, it is difficult to interpret IRS policy as it relates to actual events. In addition to the difficulties with the hypotheticals, the IRS appears to adopt as a standard “dominion and control” over forked or airdropped assets in order to determine when a taxable event occurs. The characterization of this standard in the guidance appears to diverge from established rules in other areas such as the receipt of unsolicited prizes or samples. The guidance appears to suggest that taxpayers may have dominion and control, and this be taxed on forked or airdropped assets when the fork or airdrop occurs, even if the taxpayer has no knowledge, and even if the taxpayer takes no affirmative step, or manifests any intention to claim or access those forked or airdropped tokens. This creates potentially unwarranted tax liability and administrative burdens for users of these important new technologies and would create inqueqitable results. We do not expect this is the intended effect of the guidance, and we urge the IRS to clarify the matter. The guidance also does not contemplate the vast variety of products offered in the cryptocurrency market: futures, retirement accounts invested in crypto assets, adn interest paid on crypto deposits, to name just a few. The IRS needs to provide guidance to taxpayers as to how income related to allc crypto transactions will be treated for tax purposes. In addition, the IRS has failed to provide any clarity for withholding and tax information reporting purposes. Taxpayers rely on forms like 1099 to helo complete their income taxes, and the IRS relies on them to enforce compliance. Since many are either not reporting 1099s at all or are reporting incorrect or incomplete information, it is imperative that the IRS publish clear information in further guidance. Further, we are concerned that the form of the guidance appears to indicate that this is “established” law. We would hope that the IRS recognizes this area as new and developing and will allow for reasonable interpretations in advance of the issuance of the most recent guidance. While we commend the IRS for attempting to issue guidance, we suggest increased work with the industry into the future. As you are likely aware, legislation has been introduced in this Congress to insulate taxpayers from liabilities for forked and airdropped assets until the IRS has provided clarity. We strongly believe that the best path to ensuring tax compliance in the cryptocurrency space is affording users of these technologies what all taxpayers need to deserve: clear statements of the law and thoughtful consideration of the types of enforcement actions that are taken in advance of that clarity. Please provide our offices answers to the following questions to the best of your ability: Does the IRS intend to clarify its airdrop and fork hypotheticals to better match the actual nature of these events within the cryptocurrency ecosystem? When does the IRS anticipate issuing that clarification? Does the IRS intend to clarify its standard for finding dominion and control over forked assets wherein some level of knowledge and actual affirmative steps taken are necessary to find that the taxpayer has dominion and control? Does the IRS intent to apply the current guidance or any future guidance retroactively, or will the IRS issue proposed guidance that is subject to notice and comment? These questions, in particular the first, require clarifications as soon as possible. In spite of the recent guidance, cryptocurrency users continue to lack any meaningful clarity about their tax obligations with respect to forks and airdrops. Ambiguity impedes appropriate tax compliance and unfairly targets taxpayers who may not have the ability to understand the positions the IRS has taken in these matters but who have taken a reasonable position. We hope that the IRS will act consistent with decades-long standards for finding dominion and control in the context of forked assets and require knowledge and affirmative steps to exercise such dominion and control. Lastly, until there is clear guidance that is prospective in nature, we urge the IRS to use its authority for penalty relief in those instances in which taxpayers made a good faith effort to comply."

Representative Emmer & Colleagues letter to Charles Retting, Commissioner of the Internal Revenue Service, December 20, 2019

Crypto bill sponsorship

Rep. Tom Emmer has put out 8 crypto bills.

Securities Clarity Act

H.R. 4451

117th Congress

Bill pending

This bill excludes an investment contract asset as being considered a security, including for disclosure and registration purposes. An investment contract asset as defined by the bill is a tangible or intangible asset sold pursuant to an investment contract that is not otherwise considered a security.

To Amend the Federal Reserve Act to prohibit the Federal Reserve Banks from Offering Certain Products or Services Directly to an Individual, and for other Purposes

H.R. 6415

117th Congress

Bill pending

This bill prohibits a Federal Reserve bank from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency directly to an individual.

Blockchain Regulatory Certainty Act

H.R. 5045

117th Congress

Bill pending

This bill exempts from certain financial reporting and licensing requirements blockchain developers and providers of blockchain services that do not take control of consumer funds.

Keep Innovation in America Act

H.R. 6006

117th Congress

Bill pending

This bill expands the definition of broker, for purposes of tax information reporting, to include any person who (for consideration) stands ready in the ordinary course of a trade or business to effect sales of digital assets at the direction of their customers. It also provides for reporting requirements for digital assets (i.e., any digital representation of value that is recorded on a cryptographically secured distributed ledger).

The bill requires a study and a report on the treatment of digital assets as cash for purposes of reporting requirements for cash payments of more than $10,000.

Digital Commodity Exchange Act of 2022

H.R. 7614

117th Congress

Bill pending

This bill allows for the regulation and registration of digital commodity exchanges subject to oversight by the Commodity Futures Trading Commission. The bill establishes the conditions for the sale of digital commodities, the registration of exchanges, and sets forth other requirements.

U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2021

H.R. 5101

117th Congress

Bill pending

This bill directs the Commodity Futures Trading Commission to report on virtual currency markets and U.S. competitiveness.

Virtual Currency Tax Fairness Act of 2022

H.R. 6582

117th Congress

Bill pending

This bill excludes from gross income, for income tax purposes, up to $200 of gain from the disposition of virtual currency in a personal transaction. The bill defines virtual currency as a digital representation of value that is used as a medium of exchange and is not otherwise currency.

Financial Freedom Act of 2022

H.R. 7860

117th Congress

Bill pending

To prohibit the Secretary of Labor from constraining the range or type of investments that may be offered to participants and beneficiaries of individual retirement accounts who exercise control over the assets in such accounts.

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