U.S. Congressman and popular cryptocurrency advocate Tom Emmer said he intends to introduce an appropriations amendment that would limit the SEC’s ability to deploy funds on digital asset enforcement.
Emmer says SEC chairman abused his power
Emmer, who also serves as the majority whip of the U.S. House of Representatives, once again expressed his dissatisfaction with the SEC’s regulatory actions in the U.S. cryptocurrency field in an X post on Friday.
Emerl point out Current SEC Chairman Gary Gensler has abused his power to the detriment of the American people. The U.S. congressman believes the commission should be restrained from further “weaponizing taxpayer dollars” in its crackdown on the digital asset industry.
That’s why I plan to sponsor an appropriations amendment that would limit the SEC’s use of funds for digital asset enforcement until clear rules and regulations are in place.
Read more below 👇 https://t.co/E7454rnwfp
— Tom Emer (@GOPMajorityWhip) September 8, 2023
For context, the SEC has been filing lawsuits against multiple cryptocurrency institutions in recent years. The U.S. Securities and Exchange Commission (SEC) has filed more than 130 cryptocurrency lawsuits and settlements, calling certain cryptocurrencies unregistered securities, Reuters reported in June.
Some of the popular cryptocurrency businesses currently involved in legal disputes with U.S. securities regulators include Coinbase, the largest U.S. exchange; Binance.US, an affiliate of the Binance cryptocurrency exchange; bankrupt cryptocurrency lender Genesis Global Capital; and Ripple Labs, etc.
These regulatory actions by the SEC have attracted widespread attention and have been interpreted by some as harmful to the development of the U.S. cryptocurrency field.
In response, Emmer, an “outspoken cryptocurrency ally,” now plans to propose an amendment to the Fiscal Year 2024 Financial Services and General Government Appropriations bill that would limit the SEC’s use of funds to clamp down on the cryptocurrency space.
The lawmaker said that if passed by the House of Representatives, the restrictions would remain in effect until the U.S. government introduces clear and comprehensive regulations for its crypto industry.
U.S. lawmakers continue to push for clear digital asset regulation
The move by Emmer could boost the congressman’s reputation as a cryptocurrency supporter. In May, he co-sponsored the bipartisan Securities Clarity Act with Rep. Darren Soto, which aims to clarify the legal classification of digital assets.
The U.S. congressman is also one of the sponsors of the Blockchain Certainty Act, another bipartisan bill that would allow blockchain developers and service providers to be classified as non-monetary transmitters because They do not provide custody for user funds.
In addition, Emer has sponsored the SEC Stabilization Act, which seeks to reorganize the regulatory agency and replace Gensler as chairman of the agency.
Total crypto market cap valued at $1.024 trillion on the hourly chart | Source: TOTAL chart on Tradingview.com
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