Rep. Emmer plans to put forward an amendment in government spending discussions. This amendment would restrict the SEC’s use of funds for enforcing digital asset regulations until clear and comprehensive rules are in place.
Tom Emmer, a U.S. House of Representatives member, is worried about what the U.S. Securities Exchange Commission (SEC) is doing in the cryptocurrency world. He sponsored a change in how money is spent on September 8th to limit how much the SEC can use to enforce rules on digital assets.
In a statement, Emmer criticized Gary Gensler, who is in charge of the SEC. Emmer said Gensler is doing things he shouldn’t, and it’s hurting the American people.
Emmer wants Congress to use its powers and the right steps to stop any chance of Gensler and the SEC using taxpayer money in the wrong way.
In the past, Emmer worked with others on bills to make the rules in the United States clearer when it comes to regulations.
.@GaryGensler has abused his authority to grow the Administrative State to the detriment of the American people. Congress must use all our tools, including the appropriations process, to restrict Chair Gensler from further weaponizing taxpayer dollars.
— Tom Emmer (@GOPMajorityWhip) September 8, 2023
The change in how money is spent, called the appropriations amendment, will make sure the SEC can’t use too much money to enforce rules on digital assets until there are clear and complete rules in place.
Some people worry that because there aren’t clear rules for cryptocurrencies, the SEC has spent a lot of money on legal fights with many crypto companies. They think this might be using taxpayer money in a way that’s not right.
In March, Emmer introduced something called the “Blockchain Regulatory Certainty Act.” It’s meant to make it clear that people who work with blockchain technology, like developers and service providers, aren’t seen as money transmitters. That’s because they don’t hold onto people’s money for them.
This bill makes a clear distinction between two types of providers: those who hold onto people’s money (custody providers) and those who don’t (non-custody providers). It’s meant to help non-custody providers avoid extra rules that could slow down innovation in the United States.
The idea is to make sure that validators, miners, and others who provide services without holding onto people’s money aren’t treated the same as those who do.
Important people in the blockchain world, like Kristin Smith from the Blockchain Association and Sheila Warren from the Crypto Council, like this proposed law.
Emmer is also supporting a different law called the SEC Stabilization Act by Representative Warren Davidson. This law wants to remove Gary Gensler from his job as the SEC chair.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
