Pro-crypto Tom Emmer elected House GOP minority whip in 103-76 vote

By Khal · · 2 min read

Editorial illustration: A large red elephant stands on a stone pedestal beside a coiled whip, with four smaller red elephants arranged below against a dark blue background.
AI-generated editorial illustration · AI-generated editorial illustration · Published Nov 11, 2026, 6:39 a.m. (1 hour ago)

In brief

  • Tom Emmer beat Texas Rep. August Pfluger 103-76 for House Republican minority whip, according to Politico.
  • October CPI rose 0.4% month over month, above the 0.3% forecast, the BLS said.
  • Fed Governor Christopher Waller said a 50-basis-point December hike should be considered if core inflation stays hot.
  • Coinbase, Kalshi and four others filed a proposed brief backing the CFTC on stock perpetual futures.

Emmer stays No. 2 in the House GOP

Emmer previously served as House Republican majority whip, and he'll remain the party's No. 2 leader, this time under incoming Minority Leader Jim Jordan. The job means rallying Republican votes, coordinating legislative strategy and helping keep the party unified on key bills.

GOP Senator Cynthia Lummis weighed in on X.

“Tom has been one of the strongest advocates for digital assets in Congress, and he has led the fight against a government-controlled CBDC and stood up for American innovators,” GOP Senator Cynthia Lummis said on X.

Emmer's win wasn't the only Washington item in the Nov. 11 roundup, though.

October CPI beats forecasts as Waller floats 50 bps

The US Consumer Price Index rose 0.4% month over month in October, above economists' 0.3% forecast, according to the Bureau of Labor Statistics. That's slower than September's 0.6% rise. Core inflation (which excludes food and energy) rose 0.3% against an expected 0.2%.

The Fed holds its benchmark rate at 3.75% to 4.00%. Hours before the CPI report, Fed Governor Christopher Waller said in London that another core reading of 0.3% or higher could prompt the Fed to consider a larger hike in December, and that a 50-basis-point move should be considered in that case. Cointelegraph reported that crypto industry experts warned the hotter-than-expected print could lead to another rate hike, potentially discouraging investment in crypto.

Coinbase and Kalshi side with the CFTC on stock perps

Coinbase, Kalshi and four other companies asked a federal court on Monday to accept a proposed amicus brief backing the CFTC in a lawsuit over perpetual futures tied to individual US stocks, according to a filing shared by Coinbase legal representative Molly Abraham. Kraken parent Payward, DRW Holdings, Jump Trading and Paradigm Operations are also in the group. They argue stock perps fall under existing US futures laws.

The CFTC said on Nov. 3 that single-stock perpetual futures could begin trading on US-regulated exchanges for the first time. The Capital Markets Alliance Association (a newly formed group whose members include Cboe and Citadel Securities) sued the agency the week before the brief was filed, challenging its authority to allow the contracts. Days before Monday's filing, a federal judge found the CFTC likely exceeded its statutory authority. That's a preliminary finding, not a final ruling.

The case could decide whether US exchanges can offer retail traders non-expiring contracts on individual stocks.

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