Tom Emmer

It is clear that today's hearing is nothing more than the Majority's attempt to use institutional investors as a scapegoat.

Today, Americans are being punched in the face with 8.6 percent inflation.

We are knowingly walking toward an even worse inflation, a recession and, God forbid, food shortages.

We cannot continue these spend-your-way-to-prosperity policies.

Inflation is running rampant across the United States with consumer prices rising 8.6 percent in the past year, the largest price increase since 1981.

We need to put ourselves on a strict spending diet.

You are supposed to be in charge of the monetary policy of this country.

Financial freedom is American freedom, and, frankly, Americans do not have the financial and economic freedom they need to invest in themselves, their businesses, and their families.

The FSOC is no longer independent of partisan pressures and should be brought under congressional appropriations supervision

The Administration intends to weaponize the FSOC to circumvent Congress and the American people on digital asset policy.

We have a capital formation problem in this country.

Here is the bottom line. Banks should not be the only institutions in the ecosystem with dibs to issue the potential array of financial products that the President's Working Group report simply lumps together and ties as a stablecoin.

I firmly contend that the stablecoin is a payment instrument and is a fundamentally different asset than an investment product.

Clearly, stablecoins offer economic benefits that cannot be ignored.

It is my understanding that FTX uses surveillance trade technology akin to the technology that national securities exchanges use to protect investors.

Our strong crypto and Web 3 markets in the United States, have been giving the United States incredible capital market success.

The SEC is not providing Americans this choice when it comes to crypto commodity ETFs for reasons, again, that just don't make a lot of sense.

The bottom line is that Americans deserve access to a wide diverse range of investment products.

That is a lie propagated by those who have never had to do mental math at the grocery store.

This inflation is not transitory, as our witnesses finally acknowledged yesterday.

My constituents just experienced the most expensive Thanksgiving dinner in history.

Unfortunately, if your government worked, you would not have to be here, so I am sorry that you all have to come before the committee to plead your cause because the Majority in Congress cannot craft legislation that actually serves the…

This is why it is really important for the SEC to develop a framework in which the crypto industry can operate.

Actually, Chair Gensler, I appreciate the answer. I don't know--at the end, we still disagree on the securities aspect.

Any attempt to craft a central bank digital currency that enables the Fed to provide retail bank accounts and mobilizes the CBDC rails into a surveillance tool, able to collect all sorts of information on Americans, would do nothing other…