News from Representative Tom Emmer


Dear Friend,

Last week marked another successful Twin Cities Startup Week. This annual event is always a great opportunity for entrepreneurs, engineers, and individuals in the tech sector to come together to share ideas, network and prove that the Twin Cities are the "Startup Capital of the North". 

Minnesota is poised to be a capital of fintech innovation. In addition to our 17 Fortune 500 companies, we have numerous startups and have attracted venture capital totaling almost $500 million. Our finance and insurance sectors already employ approximately 150,000 Minnesotans, a figure that is significantly larger than the national average. In addition, the greater metro area has been ranked the third best city for startups in the nation.

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Congressman Emmer sharing a federal update on FinTech development at the Future Finance Forum during Twin Cities Startup Week.

As a member of the House Financial Services Committee as well as the Committee’s Taskforce on Financial Technology, and a co-chair of the bipartisan Congressional Blockchain Caucus - I am in a unique position to advocate for Minnesota on fintech issues, as well as focus on the intersection of blockchain technology and cryptocurrency.

Fintech stands to dramatically empower the individual and promote access for those who have previously been excluded. It is important that regulators provide clear rules of the road that ensure even the smallest startup with a brilliant idea can become a major enterprise. That is why I introduced the Blockchain Regulatory Certainty Act, which provides that certain blockchain-related entities that never take control of consumer funds do not need to register as a money transmitter. Examples of these entities include "miners" that validate network integrity and multi-signature providers that enhance security.

To further support this mission I introduced the Main Street Growth Act, which will allow the U.S. Securities and Exchange Commission to provide for the creation of venture exchanges. These specialized securities exchanges would help small and emerging growth companies gain access to the capital they need to grow and succeed. The bill would also establish an Office of Venture Exchanges under its Division of Trading and Markets to study and monitor the effectiveness of these new exchanges.

Minnesotans can help lead the next digital revolution. Change is coming in the ways we use money and the financial opportunities available to us. We have an opportunity to embrace this change and foster these new innovations.

To keep up with what we're doing in Washington, follow me on Twitter and Facebook

Sincerely,

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