Congressman Tom Emmer Seeks Amendment to Limit SEC's Crypto Oversight

Introduction

Tom Emmer, the Majority Whip of the U.S. House of Representatives, has once again voiced his concerns about the Securities Exchange Commission's (SEC) actions in the cryptocurrency industry. In a recent statement, Emmer criticized SEC Chair Gary Gensler, accusing him of overstepping his authority and negatively impacting the American people.

A Call to Action

In his statement, Emmer urged Congress to take action and prevent any potential misuse of taxpayer funds by Gensler and the SEC. He called on Congress to utilize the available methods and proper procedures to address these concerns.

Limited Utilization of Funds

Emmer plans to introduce an appropriations amendment that will limit the SEC's use of funds for digital asset enforcement until comprehensive rules and regulations are put in place. The absence of clear cryptocurrency regulations has raised concerns about the SEC's substantial expenditures in legal disputes with various crypto entities, potentially wasting taxpayers' money.

A History of Regulatory Transparency

This is not the first time Emmer has taken steps to enhance regulatory transparency in the United States. In the past, he has co-sponsored several bills with the same goal. Emmer recently took to Twitter to unveil his latest effort to limit Gensler and the SEC's financial resources.

Past Legislation

In March 2023, Majority Whip Emmer introduced the Blockchain Regulatory Certainty Act, a bill aimed at clarifying the classification of blockchain developers and service providers. According to the bill, these entities should not be considered money transmitters as they do not hold consumer funds in custody. The legislation provides clear distinctions between custody providers and non-custody providers, reducing compliance burdens and promoting innovation in the United States.

Support from the Blockchain Sector

Emmer's proposed legislation has garnered support from key figures in the blockchain sector. Both Blockchain Association CEO Kristin Smith and Crypto Council CEO Sheila Warren have expressed their backing for the bill. Additionally, Emmer has voiced his support for Rep. Warren Davidson's SEC Stabilization Act, which aims to remove Gensler from his position as SEC Chair.