United States Representative Tom Emmer, Majority Whip of the U.S. House of Representatives and a well-known critic of the U.S. Securities Exchange Commission’s (SEC) role in the cryptocurrency space, introduced an appropriations amendment on September 8th. The primary objective of this amendment is to limit the financial resources allocated by the SEC for enforcing regulations related to digital assets.
Emmer’s action is rooted in his deep-seated concerns about SEC Chair Gary Gensler’s perceived overreach, which he believes has adverse effects on the American people. Emmer issued a call to Congress to utilize the existing mechanisms and adhere to established procedures to prevent any potential misuse of taxpayer funds by Gensler and the SEC.
.@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
Emmer has been actively co-sponsoring various bills aimed at enhancing regulatory transparency within the United States cryptocurrency market. The proposed appropriations amendment aims to restrict the SEC’s spending on enforcing digital asset regulations until comprehensive regulatory frameworks are firmly in place. The lack of clear and definitive regulations governing cryptocurrencies has raised concerns about the SEC’s substantial legal expenses, particularly in disputes with numerous crypto entities. This expenditure could potentially lead to the inappropriate use of taxpayer funds, as per Emmer’s concerns.
Earlier this year, Emmer introduced the Blockchain Regulatory Certainty Act, a piece of legislation designed to bring clarity to the crypto landscape. The act classifies blockchain developers and service providers as non-money transmitters since they do not hold consumer funds in custody. This legislative move effectively distinguishes between custody providers and non-custody providers, reducing regulatory burdens on the latter and encouraging innovation within the United States. This clarification ensures that validators, miners, and other non-custodial service providers are not grouped together with custody providers.
Key figures in the blockchain sector, including Blockchain Association CEO Kristin Smith and Crypto Council CEO Sheila Warren, have expressed their strong support for the proposed legislation. Furthermore, Emmer has endorsed Representative Warren Davidson’s SEC Stabilization Act, which seeks to remove Gary Gensler from his position as SEC chair.
Disclaimer: This article is intended solely for informational purposes and should not be considered as legal or financial advice. The cryptocurrency regulatory landscape and government actions are highly dynamic and subject to rapid changes. Readers are strongly encouraged to stay informed about the latest developments and to seek guidance from relevant experts or authorities for specific matters.
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