Congressman Tom Emmer Calls for Restrictions on SEC's Crypto Enforcement Funding
Summary:
US Congressman Tom Emmer introduces an amendment criticizing SEC Chair Gary Gensler and urges Congress to restrict the SEC's use of funds for digital asset enforcement. Emmer aims to address the absence of cryptocurrency regulations and prevent potential misuse of taxpayer funds. He also supports legislation to clarify regulations for blockchain developers and service providers.
US Congressman Tom Emmer, who has raised concerns about the Securities Exchange Commission's (SEC) actions in the cryptocurrency industry, has introduced a significant amendment that once again highlights the SEC's actions. Emmer criticizes SEC Chair Gary Gensler, alleging that he has exceeded his authority and that this is having a negative impact on the American people. Emmer urges Congress to use appropriate procedures to prevent any potential misuse of taxpayer funds by Gensler and the SEC. Emmer plans to introduce an appropriations amendment that will limit the SEC's use of funds for digital asset enforcement until comprehensive regulations are implemented. The absence of cryptocurrency regulations raises concerns about the SEC's spending in legal disputes with crypto entities, potentially wasting taxpayers' money. Emmer previously introduced the Blockchain Regulatory Certainty Act in March 2023, which clarified that blockchain developers and service providers are not classified as money transmitters. This clarification helps relieve compliance burdens and encourages innovation in the US. Figures in the blockchain sector, such as CEO of the Blockchain Association Kristin Smith and CEO of Crypto Council Sheila Warren, have expressed their support for Emmer's proposed legislation. Emmer also supports Rep. Warren Davidson's SEC Stabilization Act, which aims to remove Gary Gensler from his position as SEC Chair.
Published At
9/9/2023 6:29:00 AM
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