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U.S. House Majority Whip Tom Emmer, who has previously raised concerns regarding the U.S. Securities and Exchange Commission’s (SEC) actions in the cryptocurrency sector, sponsored an appropriations amendment on September 8 to restrict the SEC’s use of funds for digital asset enforcement.
In his statement, Emmer criticized SEC Chair Gary Gensler, alleging that he has overstepped his authority, thereby negatively impacting the American public. Emmer urged Congress to utilize its available methods and proper procedures to prevent any potential misuse of taxpayer funds by Gensler and the SEC.
Emmer has previously co-sponsored several bills aimed at enhancing regulatory transparency in the United States.
.@GaryGensler has abused his authority to grow the Administrative State to the detriment of the American people. Congress must use all our tools, including the appropriations process, to restrict Chair Gensler from further weaponizing taxpayer dollars.
— Tom Emmer (@GOPMajorityWhip) September 8, 2023
The appropriations amendment limits the SEC’s use of funds for digital asset enforcement until comprehensive rules and regulations are established. Emmer noted that the absence of clear cryptocurrency regulations has raised concerns about the SEC’s substantial expenditures in legal disputes with numerous crypto entities, potentially “weaponizing” taxpayer funds.
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In March, Emmer introduced the Blockchain Regulatory Certainty Act, which clarifies that blockchain developers and service providers are not considered money transmitters, as they do not hold consumer funds in custody.
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The bill distinguishes between custody providers and non-custody providers, relieving the latter from unnecessary compliance burdens that could hinder innovation in the United States. This clarification ensures that validators, miners, and other non-custodial service providers are not categorized in the same manner as custody providers.
Key figures in the blockchain sector, including Blockchain Association CEO Kristin Smith and Crypto Council CEO Sheila Warren, expressed support for the proposed legislation. Emmer has also endorsed Representative Warren Davidson’s SEC Stabilization Act, which seeks to remove Gary Gensler from his position as SEC chair.
Magazine: Crypto Regulation — Does SEC Chair Gary Gensler Have the Final Say?
