On August 20, Representative Tom Emmer (R-MN) held the first cryptocurrency town hall, bringing together a number of leaders in the blockchain industry.
The event was organized in partnership with the Digital Chamber of Commerce (PAC) and featured key figures in the crypto space such as Jeremy Allaire, CEO of Circle, Brad Garlinghouse from Ripple, Guy Hirsch from eToro, Stephen Pair from BitPay and Chad Cascarella from Paxos.
Garlinghouse, CEO of Ripple, stated that the biggest challenge Ripple has faced so far is the lack of clarity about the regulatory status of XRP. “The biggest challenge facing Ripple for anyone advancing in the XRP community is the lack of clarity on how assets outside of Bitcoin and Ether have been identified by the SEC.” Garlinghouse said the lack of this legal framework “limits innovation”.
Garlinghouse’s comments stem from longstanding regulatory uncertainty surrounding XRP. In the past, this uncertainty has led to several lawsuits claiming XRP is an unregistered security. Although it was first introduced in 2018, the US Securities and Exchange Commission has not yet taken a firm position on the matter.
To address the problem at the Cryptocurrency Town Hall, Emmer made his own decision:
My position is very clear. XRP is not safe. “”
Imer went on to say that if the government continued to kill innovation, US authorities risked local businesses fleeing outside the US.
The Congressman is not alone in his stance on XRP. In June 2020, the former chairman of the Commodity Futures Trading Commission, Chris Giancarlo, also said, according to Howey Test, that XRP does not meet the criteria for a security.
During the event, Emmer also announced that the congressman is now accepting donations in the form of crypto for his campaign. Depending on the recorded event, Emmer’s campaign uses the cryptocurrency payment company BitPay to process these payments. Earlier today, a “Donate for Encryption” section was added to the Emmer official website.
Emmer made some bitcoin-friendly notes earlier this month in an interview with Morgan Creek Digital co-founder Anthony Pompliano. The official said Bitcoin “will not go away” and “will only get stronger” as the world emerges from the coronavirus fueled financial crisis.