United States Representative Tom Emmer sponsors appropriations amendment restricting SEC’s use of funds on digital asset enforcement

Introduction

United States Representative Tom Emmer, Majority Whip of the U.S. House of Representatives, has sponsored an appropriations amendment to limit the SEC’s use of funds on digital asset enforcement. Emmer has previously expressed concerns about the SEC’s actions in the cryptocurrency industry.

Emmer criticizes SEC Chair Gary Gensler

In his statement, Emmer criticizes SEC Chair Gary Gensler for overstepping his authority and negatively affecting the American people. Emmer urges Congress to take action to prevent any potential misuse of taxpayer funds by Gensler and the SEC.

Emmer’s previous efforts for regulatory transparency

Emmer has previously co-sponsored bills aimed at enhancing regulatory transparency in the United States.

Appropriations amendment limits SEC’s use of funds

The appropriations amendment will restrict the SEC’s utilization of funds for digital asset enforcement until comprehensive rules and regulations are established. Emmer raises concerns about the SEC’s substantial expenditures in legal disputes with crypto entities, potentially “weaponizing” taxpayer funds.

Emmer introduces the Blockchain Regulatory Certainty Act

In March, Emmer introduced the Blockchain Regulatory Certainty Act, which clarifies that blockchain developers and service providers are not considered money transmitters. This distinction relieves non-custody providers from unnecessary compliance burdens that could hinder innovation in the United States.

Support from key figures in the blockchain sector

Key figures in the blockchain sector, including Blockchain Association CEO Kristin Smith and Crypto Council CEO Sheila Warren, express support for Emmer’s proposed legislation. Emmer also supports Representative Warren Davidson’s SEC Stabilization Act, which aims to remove Gary Gensler from his position as SEC chair.