U.S. House Majority Whip Tom Emmer, who has previously expressed concerns about the U.S. Securities and Exchange Commission’s (SEC) actions in the cryptocurrency industry, has sponsored an appropriations amendment that would limit the SEC’s use of digital asset enforcement funds. September 8th.
in his statementEmmer criticized U.S. Securities and Exchange Commission Chairman Gary Gensler, saying he had exceeded his authority and had a negative impact on the American people. Emmer urged Congress to use its existing methods and appropriate procedures to stop Gensler and the SEC from potential misuse of taxpayer funds.
Emer has previously co-sponsored several bills aimed at improving U.S. regulatory transparency.
.@garygensler Abuse of power to develop the administrative state and harm the interests of the American people. Congress must use all of our tools, including the appropriations process, to restrain Chairman Gensler from further weaponizing taxpayer dollars.
— Tom Emer (@GOPMajorityWhip) September 8, 2023
The appropriations amendment would restrict the SEC from spending funds on digital asset enforcement until comprehensive rules and regulations are developed. Emmer said the lack of cryptocurrency regulations has raised concerns about the SEC spending heavily on legal disputes with numerous crypto entities, which could “weaponize” taxpayer funds.
In Match, Emmer introduced the Blockchain Regulatory Certainty Act, which clarifies that blockchain developers and service providers are not considered money transmitters because they do not host consumer funds.
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The bill differentiates between managed and non-managed providers, shielding the latter from unnecessary compliance burdens that could hinder U.S. innovation. This clarification ensures that validators, miners, and other non-custodial service providers are not classified in the same way as custodial providers.
Key figures in the blockchain industry, including Blockchain Association CEO Christine Smith and Cryptocurrency Council CEO Sheila Warren, have expressed support for the proposed legislation. Emmer also supports Rep. Warren Davidson’s SEC Stabilization Act, which seeks to remove Gary Gensler as SEC chairman.
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