Tom Emmer’s Amendments to Curb SEC Enforcement Abuses against Crypto Passes House Unanimously
Pro-crypto Congressman Tom Emmer has made progress in his efforts to limit the powers of the United States Securities and Exchange Commission (SEC) when it comes to enforcing regulations on digital assets.
The politician has attached an amendment to HR 4664, also known as the Financial Services and General Government Appropriations Act, which constitutes the federal budget.
The amendment, which passed unopposed, specifically prohibits the SEC from utilizing funds for enforcement activities related to digital asset transactions until Congress passes future legislation granting the agency explicit jurisdiction in this realm.
However, it’s important to note that the inclusion of this amendment in the House’s budget is subject to potential revisions during the reconciliation process before final approval.
In a statement issued on November 8, Congressman Emmer emphasized that the Department of Justice, the Treasury, and the Treasury’s Office of Foreign Asset Control should take charge of addressing any potential wrongdoings in the digital asset industry, instead of the SEC.
Emmer expressed concerns that SEC Chair Gary Gensler’s actions could unintentionally push innovation and investment opportunities in the crypto sector to offshore locations.
.@GaryGensler is as ineffective as he is incompetent. Fortunately, my nonpartisan appropriations amendment to reign in SEC enforcement abuses against the digital asset industry passed the House today with no opposition.
Congress will hold unelected bureaucrats accountable. pic.twitter.com/TGaaW8I0Eu
— Tom Emmer (@GOPMajorityWhip) November 8, 2023
“My amendment prohibits the SEC from using taxpayer-funded resources to pursue enforcement actions against the digital asset industry until Congress
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