HomeAnalysisUS Congressman Tom Emmer Aims to Restrict SEC’s Control within the Crypto...

US Congressman Tom Emmer Aims to Restrict SEC’s Control within the Crypto Industry

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US Congressman and popular crypto advocate Tom Emmer has stated his intentions to introduce an appropriations amendment that limits the ability of the US Securities and Exchange Commission to deploy funds on digital asset enforcement.

SEC Chairman Abused His Authority, Emmer Says

Through an X post on Friday, Emmer, who is also serving as the US House Majority Whip, once again voiced his displeasure on the SEC’s regulatory actions in the nation’s crypto space.

Emmer stated that Gary Gensler, incumbent chairman of the SEC, was misusing his authority at the expense of the American people. The US congressman believes the commission should be restricted from further “weaponizing taxpayer dollars” in its crusade against the digital asset industry.

For context, the SEC has been on a roll in recent years, filing lawsuits against multiple crypto establishments. According to a report from Reuters in June, the SEC has filed over 130 crypto lawsuits and settlements referring to certain cryptocurrencies as unregistered securities.

Some of the popular crypto businesses currently caught in a legal battle with US securities regulators include the largest American exchange, Coinbase; Binance.US, an affiliate of the Binance crypto exchange; bankrupt crypto lender Genesis Global Capital; and Ripple Labs, among others.

These regulatory actions of the SEC have drawn much attention and are interpreted by some as harmful to the development of the US crypto space.

In response, Emmer, who is an “outspoken crypto ally,” now plans to propose an amendment to the FY 2024 Financial Services and General Government appropriations bill, which will limit the SEC’s employment of funds in clamping down on the crypto space.

According to the lawmaker, if passed by the House, these restrictions will be in place until the US government introduces clear and comprehensive regulations to its crypto industry.

US Congressman Continues Push For Clear Digital Asset Regulation

This proposed move by Emmer might be a boost to the congressman’s reputation as a vocal crypto supporter. In May, he and fellow Representative Darren Soto jointly proposed the bipartisan Securities Clarity Act, which aims to clarify the legal classification of digital assets.

The US Congressman is also one of the sponsors of the Blockchain Certainty Act, another bi-partisan bill that will allow blockchain developers and service providers to be classified as non-money transmitters, as they don’t provide custody for users’ funds.

In addition, Emmer also sponsors the SEC Stabilization Act, which aims to restructure the regulator and replace Gensler as the agency’s chairman.

Total crypto market cap valued at $1.024 trillion on the hourly chart | Source: TOTAL chart on Tradingview.com

Featured image from Roll Call, chart from Tradingview.

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