United States Representative Tom Emmer, Majority Whip of the U.S. House of Representatives, has sponsored an appropriations amendment aimed at restricting the U.S. Securities Exchange Commission’s (SEC) use of funds for digital asset enforcement. This move comes as Emmer has previously expressed concerns about the actions of the SEC in the cryptocurrency industry. In a statement, Emmer criticizes SEC Chair Gary Gensler, accusing him of overstepping his authority and negatively affecting the American people. Emmer urges Congress to use its available methods and proper procedures to prevent any potential misuse of taxpayer funds by Gensler and the SEC.
The appropriations amendment seeks to limit the SEC’s use of funds for digital asset enforcement until comprehensive rules and regulations are established. Emmer raises concerns about the absence of cryptocurrency regulations and the significant expenditures of the SEC in legal disputes with crypto entities, which could potentially “weaponize” taxpayer funds. Emmer has been a strong advocate for regulatory transparency and has jointly sponsored several bills seeking to enhance regulatory clarity in the United States.
Earlier this year, Emmer introduced the Blockchain Regulatory Certainty Act, which aims to clarify that blockchain developers and service providers should not be considered money transmitters as they do not hold consumer funds in custody. The bill differentiates between custody providers and non-custody providers, relieving the latter from unnecessary compliance burdens that may hinder innovation. This clarification ensures that validators, miners, and other noncustodial service providers are not categorized in the same way as custody providers.
The proposed legislation has garnered support from key figures in the blockchain sector, including Blockchain Association CEO Kristin Smith and Crypto Council CEO Sheila Warren. Emmer has also expressed support for Representative Warren Davidson’s SEC Stabilization Act, which aims to remove Gary Gensler from his position as SEC chair.
In conclusion, Representative Tom Emmer has sponsored an appropriations amendment to restrict the SEC’s use of funds for digital asset enforcement. Emmer raises concerns about the SEC’s actions and criticizes Chair Gary Gensler for allegedly overstepping his authority. Emmer emphasizes the need for Congress to use proper procedures to prevent potential misuse of taxpayer funds. Additionally, Emmer has been actively involved in introducing legislation to enhance regulatory transparency in the cryptocurrency industry. The proposed Blockchain Regulatory Certainty Act aims to provide clarity for blockchain developers and service providers, while also relieving non-custody providers from unnecessary compliance burdens. Emmer’s efforts have gained support from influential figures in the blockchain sector.
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