Congressman Attempts to Limit the SEC’s Authority Over Crypto
- Congressman Tom Emmer seeks to reduce the hold that the US SEC has over the digital asset space.
- The Majority Whip of the US House of Representatives aims to bring an appropriations amendment.
- The amendment will reduce the funds that the SEC uses to take enforcement actions against crypto firms.
- He recently slammed the SEC and its chair, Gary Gensler, calling him a “bad faith regulator.”
Congressman Tom Emmer is one of the many US lawmakers who seek to reduce the authority that the United States Securities and Exchange Commission (SEC) has over cryptocurrencies and blockchain firms. Interestingly, Emmer wants to introduce an appropriations amendment that will reduce the hold that the US securities regulator has over the digital asset sector.
Emmer is the Majority Whip of the United States House of Representatives and has recently expressed his concerns over the unfair treatment that the SEC has given to the digital asset and blockchain sectors. The Congressman slammed the SEC and its Chair, Gary Gensler, calling him a “bad faith regulator.”
On Friday, September 8, a significant amendment was introduced by Congressman Emmer, which seeks to limit the funds that the SEC uses to take enforcement actions in the crypto sector until a comprehensive framework for the digital asset industry is introduced by US lawmakers.
Emmer has earlier stated that Gensler is “blindly spraying the crypto community with enforcement actions while completely missing the truly bad actors.” In his statement, the Congressman claimed that the SEC has overstepped its limitations and negatively affected the American people.
The lawmaker has also asked Congress to make use of proper methods and prevent the potential misuse of taxpayer funds by Gary Gensler and the SEC. Moreover, in the past, Emmer has also jointly sponsored several bills aiming to enhance regulatory transparency in the US.
“Gary Gensler 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,” said the Congressman.
As reported earlier by Bitnation, Congressman Warren Davidson published a new bill that aims to fire Gary Gensler and introduced the “SEC Stabilization Act” into the House of Representatives on Monday, June 12.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
