Tom Emmerthe majority leader of the United States House of Representatives, who previously expressed concern about the actions of the Securities Exchange Commission (SEC) In the cryptocurrency industry, on Friday, September 8, it introduced an important amendment that once again drew attention to the SEC's actions.
In its statement, Tom Emmer criticizes Gary Gensler, claiming that the SEC chairman has exceeded his authority, which is negatively affecting the American people. Emmer urges Congress to use available methods and appropriate procedures to thwart any potential misuse of taxpayer funds by Gary Gensler and the SEC.
In the past, Representative Tom Emmer co-sponsored several bills aimed at improving regulatory transparency in the United States. Emmer recently took to Twitter to reveal his latest effort to limit the financial resources of Gary Gensler and the SEC.
.@GaryGensler He has abused his authority to grow the administrative State to the detriment of the American people. Congress must use all of our tools, including the appropriations process, to stop President Gensler from further weaponizing taxpayer dollars.
-Tom Emmer (@GOPMajorityWhip) September 8, 2023
Emmer intends to introduce an appropriations amendment that will limit the SEC's use of funds for digital asset enforcement until comprehensive rules and regulations are established. The absence of cryptocurrency regulations has raised concerns about the SEC's substantial expenditures on legal disputes with numerous crypto entities, which could waste taxpayer funds.
In March 2023, Majority Whip Emmer inserted the Blockchain Regulatory Certainty Act, a bill that clarifies that blockchain developers and service providers are not considered money transmitters, as they do not hold consumer funds in custody.
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The bill distinguishes between custodial providers and non-custodial providers, relieving the latter of unnecessary compliance burdens that could hinder innovation in the United States. This clarification ensures that validators, miners, and other non-custodial service providers are not categorized in the same way as custodial providers.
Key figures in the blockchain sector, including Blockchain Association CEO Kristin Smith and Crypto Council CEO Sheila Warren, expressed support for the proposed legislation. Tom Emmer has also expressed his support for Rep. Warren Davidson's SEC Stabilization Act, which seeks to remove Gary Gensler from his position as SEC chairman.
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