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Crypto-Fan Tom Emmer's Rise and Fall in the U.S. House Speaker Race Was Extremely Quick
Rep. Tom Emmer, the No. 3 in U.S. House leadership, has been Mr. Crypto on Capitol Hill, so his brush with the speaker nomination gave a jolt of hope to the industry.
Updated Oct 25, 2023, 4:06 p.m. Published Oct 24, 2023, 9:32 p.m.
Friend-to-crypto U.S. Rep. Tom Emmer (R-Minn.) was the Republican nominee for speaker of the House of Representatives for a single afternoon before reportedly giving up under opposition pressure within his party.
House Republicans are having an epic, no-holds-barred political showdown with themselves, and the abortive campaign of Emmer demonstrates that they've now burned through the most obvious candidates. And there are implications for the crypto industry.
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Emmer was specifically targeted by former President Donald Trump, who posted Tuesday that voting for him would be a "tragic mistake." Meanwhile, a perilous deadline approaches on Nov. 17 when the federal government is set to shutter from a lack of funding.
After firing Speaker Kevin McCarty (R-Calif.) earlier this month, the House was transitioned to the temporary hands of Rep. Patrick McHenry (R-N.C.), the chairman of the House Financial Services Committee and another strong advocate for crypto regulation. So, McHenry is not spending his time focusing on committee matters such as moving his panel's crypto bills – one on stablecoins and another on market structure – to floor votes as the year wanes.
Despite Emmer's very brief appearance on the speaker stage, no name is entirely removed from the speaker discussion. As Republicans have more and more trouble raising a candidate who can win a near-unanimous 217 of the 221 available GOP votes, the possibility of a deal with Democrats remains one option.
Read More: U.S. House Speaker Drama Could Threaten to Unravel Crypto's 2023 Chances
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash & Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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