Tom Emmer, the Majority Whip of the U.S. House of Representatives and a vocal critic of the Securities Exchange Commission (SEC) regarding its handling of cryptocurrency, has once again taken aim at the SEC’s actions. Emmer’s recent move is a significant amendment that spotlights what he sees as overreach by SEC Chair Gary Gensler, which he believes is adversely affecting the American people.
Emmer’s critique of Gensler centers on allegations of exceeding his authority, leading to concerns about potential misuse of taxpayer funds. Emmer is calling on Congress to utilize established methods and proper procedures to prevent any such misuse by Gensler and the SEC.
In the past, Rep. Tom Emmer has co-sponsored multiple bills aimed at enhancing regulatory transparency in the United States. Emmer recently announced on Twitter his latest initiative to rein in Gary Gensler and the SEC’s financial resources.
Emmer’s Plan to Restrict SEC’s Use of Funds for Digital Asset Enforcement
Emmer’s plan involves introducing an appropriations amendment that would restrict the SEC’s use of funds for enforcing digital asset regulations until comprehensive rules and regulations are established. The absence of clear cryptocurrency regulations has led to concerns over the SEC’s substantial legal expenses in disputes with numerous crypto entities, potentially putting taxpayers’ money at risk.
In March 2023, Majority Whip Emmer introduced the Blockchain Regulatory Certainty Act, a bill designed to clarify that blockchain developers and service providers should not be classified as money transmitters since they do not hold consumer funds in custody.
The bill makes a clear distinction between custody providers and non-custody providers, relieving the latter from unnecessary compliance burdens that could stifle innovation in the United States. This clarification ensures that validators, miners, and other non-custodial service providers are not treated the same way as custody providers.
Support from Prominent Figures: Backing Emmer’s Crypto Legislation
Prominent figures in the blockchain sector, including Blockchain Association CEO Kristin Smith and Crypto Council CEO Sheila Warren, have expressed their support for this proposed legislation. Additionally, Tom Emmer has endorsed Rep. Warren Davidson’s SEC Stabilization Act, which aims to remove Gary Gensler from his position as SEC Chair.
The debate over crypto regulation and Gary Gensler’s authority continues to be a topic of significant discussion and contention within the cryptocurrency industry and beyond.