Congressman Emmer Pushes Amendment to Limit SEC's Crypto Enforcement Funding
Summary:
Pro-crypto Congressman Tom Emmer is advancing an amendment to restrict the U.S. Securities regulator from using government funds for crypto enforcement. The amendment, added to the federal budget, has passed unopposed, and now awaits intercession from a reconciliation committee. Despite this progress, the budget is set to expire on November 17. Republican lawmakers are also working towards reducing federal agency funding, while crypto-related legislation awaits Congressional attention. Meanwhile, there are concerns over the use of cryptocurrency for terrorism funding, prompting federal and Congress officials to address this issue.
Congressman Tom Emmer, who is known for being pro-cryptocurrency, is spearheading an amendment which proposes to restrict the authority of the U.S. Securities regulator on the utilization of government funds for cryptocurrency enforcement. On November 8, Emmer implemented the amendment into the HR 4664, also known as Financial Services and General Government Appropriations Act or the federal budget. This modification, which received no opposition, forbids the Securities and Exchange Commission from employing funds for reinforcement activities linked to digital asset dealings until the Congress authorizes pertinent regulation for the same.
Despite having the amendment progress, it is yet to face reconciliation committee for the final passage in the House's budget. According to Emmer, organizations like the Department of Justice, the Treasury and the Office of Foreign Asset Control are capable of managing potential threats like FTX. He further stated that SEC Chair Gensler must halt using his position to pursue a politically charged agenda aimed to shunt the burgeoning digital asset industry offshore.
On the other hand, Republican lawmakers are striving to cut down the budget for all federal organizations. On November 7, Congressman Tim Burchett proposed an amendment aimed at reducing the salary of the SEC chairman to $1. The same amendment had proposed salary cuts for other officials who are in disfavour with the GOP.
The current budget will expire on November 17. To avert a potential government shutdown, the House and Senate proposals need to be synchronized or tempory funding approval must be granted.
Having Republican Jim Johnson as the House Speaker, the revival of digital asset legislation is being looked into apart from the federal budget-related issues. Among the crypto-related legislations pending for Congressional acknowledgment are the Financial Innovation and Technology for the 21st Century Act, Blockchain Regulatory Certainty Act, Clarity for Payment Stablecoins Act, and Keep Your Coins Act. Senator Ted Budd introduced the latter into Senate after being passed by the House Financial Services Committee in July.
In the meanwhile, Deputy Treasury Secretary Wally Adeyemo urged Congress to address the issue of cryptocurrency being used for terrorism funding. He stated the necessity for Congress to take action during the annual meeting of the Securities Industry and Financial Markets Association. Over 100 lawmakers have addressed a letter to Biden's administration urging action against cryptos' alleged involvement in terrorism funding.
Published At
11/9/2023 2:25:01 AM
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