Prominent cryptocurrency advocate and US Congressman Tom Emmer has announced his intention to introduce an appropriations amendment designed to limit the authority of the SEC when it comes to allocating resources for the enforcement of digital asset regulations.
In a recent social media post, Emmer, who also serves as the US House Majority Whip, expressed his dissatisfaction with the SEC’s regulatory activities within the nation’s crypto space. Emmer argued that the current SEC Chairman, Gary Gensler, was overstepping his authority, potentially to the detriment of American citizens. He believes that the SEC should be prevented from further allocating taxpayer funds to what he perceives as an overly aggressive pursuit of the digital asset industry.
This move comes in the wake of the SEC’s recent surge in legal actions against numerous crypto entities, with over 130 lawsuits and settlements involving allegations of certain cryptocurrencies being unregistered securities. Notable companies embroiled in these legal battles include Coinbase, Binance.US, Genesis Global Capital, and Ripple Labs.
Critics argue that the SEC’s actions are impeding the growth of the US crypto industry. In response, Congressman Emmer, a staunch crypto supporter, plans to propose an amendment to the FY 2024 Financial Services and General Government appropriations bill. If passed by the House, this amendment would restrict the SEC’s financial resources allocation for crypto regulation until comprehensive regulatory guidelines are established.
Emmer’s efforts to curtail the SEC’s influence in the crypto sector are part of a broader initiative. Earlier this year, he co-authored the bipartisan Securities Clarity Act to clarify the legal status of digital assets. Emmer also sponsors the Blockchain Certainty Act, aiming to classify blockchain developers and service providers as non-money transmitters, and the SEC Stabilization Act, which seeks to restructure the SEC and replace Chairman Gensler.