U.S. Rep. Tom Emmer told an audience at Permissionless II that things are looking up for crypto and it’s time to concentrate the narrative on innovation.
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Blockchain could be used to authenticate the real from what is generated by artificial intelligence (AI), Congressman Tom Emmer suggested Sept. 11 at the Permissionless II conference. That would combine nicely with other progress being seen in United States cryptocurrency policy, he said.
Speaking on a panel, Emmer began on a cautious note, saying the recent Ripple and Grayscale wins in court are still subject to appeal. But an upcoming U.S. Supreme Court ruling “is going to perhaps […] put a stake into the heart of the administrative state.”
Emmer was apparently referring to the case of Loper Bright Enterprises v. Raimondo, a challenge to the Chevron deference doctrine, which in 1984 established that a court should defer to a government agency when legislation is unclear.
What the crypto industry needs in Congress is the industry’s “raising awareness, but then having a solution,” Emmer said. He added:
“You have more members of Congress who have educated themselves than ever before, but we’re not quite there yet.”
A change in narrative is needed. “The way I would suggest this crowd start doing it is through AI,” Emmer said. Congress is raising red flags about determining “what’s real and what’s false.” But:
“Guess what? The technology in digital assets is the authenticator.”
Meanwhile, “They’re still focused on FTX. Even though it’s […] a fraud as old as finance, they’ve still been able to distract everybody because of the FTX thing, and we haven’t gotten back to the innovation and all the success that is in this space, what it means for individuals.”
We don’t deserve Tom Emmer or Hester Pierce.
Honest civil servants fighting tirelessly on our behalf, we salute you pic.twitter.com/Gn3myYyRRF
— Mippo (@MikeIppolito_) September 11, 2023
Emmer is a cosponsor of the Financial Innovation and Technology for the 21st Century Act and the SEC Stabilization Act, which would reportedly lead to U.S. Securities and Exchange Commission Chair Gary Gensler’s dismissal.