Rep. Tom Emer proposes to end SEC’s crusade against crypto.
Pro-crypto Congressman Tom Emmer is proposing an amendment aimed at preventing the US securities regulator from using government funds to pursue crypto enforcement.
On November 8, Emmer attached an amendment to HR 4664, the Financial Services and General Government Benefits Act, or Amendments to the Federal Budget.
The amendment, which passed unopposed, would bar the U.S. Securities and Exchange Commission from using funds for enforcement activities related to digital asset transactions until Congress passes legislation authorizing the agency.
My amendment would prevent the SEC from using taxpayer-funded resources to pursue enforcement actions against the digital asset industry until Congress passes legislation authorizing regulatory enforcement authority.
— Tom Emmer (@GOPMajorityWhip) November 8, 2023
While the amendment is moving forward, it still has to go before the reconciliation committee before it can be approved, which includes the House budget.
In a Nov. 8 statement, Emmer suggested that the Justice Department, Treasury and Treasury's Office of Foreign Assets Control could deal with “future bad actors like FTX.”
“SEC Chairman Gensler cannot continue to abuse the agency's authority to further his political agenda of driving the new and promising digital asset industry overseas.”
Republican lawmakers are trying to cut funding to all federal agencies.
In the year On November 7, Rep. Tim Burchett took a swing at Gensler and others by proposing an amendment that would reduce the SEC chairman's salary to $1. Burchett has proposed cutting the salaries of other officials, drawing the ire of the GOP.
House Republicans have retooled their “Holman Rule” machine this time around on the Financial Services Act/HR 4664 – to cut the salaries of SEC Chairman, IRS Commissioner, WH Domestic Policy Council chief to $1. And…the WH Press Secretary!
pic.twitter.com/fl5lQBePwb
— Ira Goldman (@KDbyProxy) November 7, 2023
The budget expires on Nov. 17, when the House and Senate propose a compromise or temporary funding to avoid a government shutdown.
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With Republican Mike Johnson installed as House Speaker, the Digital Assets Act is also being renewed as part of the federal budget.
Crypto-related bills awaiting congressional attention include the 21st Century Financial Innovation and Technology Act, the Blockchain Regulatory Certainty Act, the Payment Transparency Stablecoins Act, and the Keep Your Coins Act.
In the year On November 7, Senator Ted Budd introduced the Keep Your Coins Act, which would guarantee the right to protect self-defense wallets after passing the House Financial Services Committee in July.
On the same day, The Wall Street Journal reported that Deputy Treasury Secretary Wally Adeyemo urged Congress to act on the use of cryptocurrency to finance terrorism.
There are areas where we think Congress should act. We are going to work with Congress to get more tools,” he said at the annual meeting of the Securities Industry and Financial Markets Association.
More than 100 lawmakers called on the Joe Biden administration to take action against the alleged role of cryptocurrencies in the financing of terrorism in an October 17 letter led by Senator Elizabeth Warren.
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