United States Representative\u00a0Tom Emmer, Majority Whip of the U.S. House of Representatives \u2014 who has previously expressed concerns about the U.S. Securities Exchange Commission\u2019s (SEC) actions in the cryptocurrency industry \u2014 sponsored an appropriations amendment restricting the SEC\u2019s use of funds on digital asset enforcement on Sept. 8.<\/p>\n
In his statement, Emmer criticizes SEC Chair Gary Gensler, alleging he has overstepped his authority, which is negatively affecting the American people. Emmer urged Congress to utilize its available methods and proper procedures to thwart any potential misuse of taxpayer funds by Gensler and the SEC.<\/p>\n
Emmer has previously jointly sponsored several bills seeking to enhance regulatory transparency in the United States.<\/p>\n
The appropriations amendment will limit the SEC\u2019s utilization of funds for digital asset enforcement until comprehensive rules and regulations are put in place. The absence of cryptocurrency regulations has raised concerns about the SEC\u2019s substantial expenditures in legal disputes with numerous crypto entities, potentially \u201cweaponizing\u201d taxpayer funds, according to Emmer.<\/p>\n
In Match, Emmer introduced the Blockchain Regulatory Certainty Act, which clarifies that blockchain developers and service providers are not considered money transmitters, as they do not hold consumer funds in custody.<\/p>\n