U.S. Representative Tom Emmer (R-Minn.) has expressed his views on the current state of cryptocurrency legislation in Congress, predicting that the most significant opportunities for major crypto legislation this year lie in the closing stages of the congressional session. Despite recent support from Democrats in Congress for crypto measures, Emmer believes that the U.S. Senate still has substantial work ahead.

Emmer acknowledged that despite the crypto industry's recent victories in Congress, significant legislation faces a considerable practical hurdle in the Senate. He stated that the Senate would want to have its say in a significant crypto bill, leaving little time in the dwindling congressional session. Emmer suggested that the House-approved Financial Innovation and Technology for the 21st Century Act (FIT21) is most likely to be passed during the 'lame-duck' session, a period when crucial legislation is often targeted with unrelated add-on bills that can become law through swift negotiations.

Emmer, who is a top leader in the House as the majority whip for the Republican caucus, noted that FIT21, which received substantial support in the House, is now awaiting consideration in the Senate. If senators engage in serious work on a similar bill, it would need another review in the House. 'They're going to want to change it, which means it comes back to the House,' Emmer said, highlighting the growing support from Democrats on this and other crypto matters.

FIT21, the first comprehensive digital assets legislation to win approval in one of the chambers of Congress, saw 71 Democrats join in the yes vote despite opposition from President Joe Biden, including former Speaker of the House Rep. Nancy Pelosi (D-Calif.). A separate effort to overturn a U.S. Securities and Exchange Commission accounting policy also drew significant support from Democrats when it passed the House and Senate, despite a veto threat from Biden.

Emmer stated that there is 'a ton of goodwill under the surface' for such crypto issues. He also argued that events have overtaken 'anti-crypto' Sen. Elizabeth Warren (D-Mass.), who he said has an outsized influence over the White House. Emmer further suggested that crypto-critical SEC Chair Gary Gensler is 'on his way out' and losing favor in the administration, but he cautioned, 'I'd be very careful about trusting a cornered animal.'

In conclusion, Tom Emmer's statements highlight the challenges and opportunities that lie ahead for cryptocurrency legislation in the U.S. Congress. Despite the hurdles that remain, Emmer believes that there is growing support for crypto measures among Democrats and that the 'lame-duck' session could provide a window of opportunity for significant legislation to pass.