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, proposed a major amendment on Friday, September 8, once again attracting attention. SEC Actions.
in his statementTom Emmer criticized Gary Gensler, saying that the SEC chairman had exceeded his authority and had a negative impact on the American people. Emmer urged Congress to use existing methods and appropriate procedures to stop Gary Gensler and the SEC from potential misuse of taxpayer funds.
In the past, Rep. Tom Emmer has co-sponsored several bills aimed at increasing regulatory transparency in the United States. Emmer recently used Twitter to announce his latest move to limit the financial resources of Gary Gensler and the SEC.
.@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
Emmer intends to introduce an appropriations amendment that would restrict the SEC from spending funds on digital asset enforcement until comprehensive rules and regulations are developed. The lack of cryptocurrency regulation has raised concerns that the U.S. Securities and Exchange Commission is spending heavily on legal disputes with numerous crypto entities, potentially wasting taxpayer funds.
Back in March 2023, Majority Whip Emmer introduce The Blockchain Regulatory Certainty Act clarifies that blockchain developers and service providers are not considered money transmitters because they do not custody 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. Tom Emmer also supports Rep. Warren Davidson’s SEC Stabilization Act, which seeks to remove Gary Gensler as SEC chairman.
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