Crypto-friendly Rep. Tom Emmer, R-Minn., who had won nomination for the U.S. House Speaker on Tuesday morning but still needed to secure votes on the House floor, dropped out of the race just hours later.
Emmer had come out on top on Tuesday after he and eight other candidates, including Rep. Byron Donalds, R-Fla., and Pete Sessions, R-Texas, announced their bids for the position over the weekend. However, by Tuesday afternoon he was out, according to news reports.
After multiple rounds of voting on earlier in the day, House Republicans had pushed Emmer forward. Emmer's try for speaker came after bids from Rep. Jim Jordan, R-Ohio, and Steve Scalise, R-La., failed to get the needed votes over the past few weeks.
House Majority Whip Emmer, who the Minnesota Reformer has dubbed the "crypto king of Congress," has introduced bills over the past few years including one to create a new definition for tokens and another that would ban the Federal Reserve from issuing a direct CBDC. He has also been supportive of a bill that takes a comprehensive approach at a regulatory framework for crypto, while slamming Securities and Exchange Commission Chair Gary Gensler for taking a "regulation by harassment approach" toward digital assets.
Emmer also leads the Congressional Blockchain Caucus, which is favorable toward crypto and believes in a light touch regulatory approach.
The House has been without a speaker for the past few weeks after former House Speaker Kevin McCarthy, R-Calif., was ousted following a power struggle with lawmakers including Rep. Matt Gaetz, R-Fla.
McCarthy reportedly nominated Emmer, telling NBC's "Meet the Press" on Sunday that the Minnesota Republican needed to get elected this week.
(Updates story throughout to show that Emmer dropped out of race just hours after being selected as latest nominee.)
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.