Pro-crypto Congressman Tom Emmer has made progress in his efforts to limit the powers of the United States Securities and Exchange Commission (SEC) when it comes to enforcing regulations on digital assets.
The politician has attached an amendment to HR 4664, also known as the Financial Services and General Government Appropriations Act, which constitutes the federal budget.
The amendment, which passed unopposed, specifically prohibits the SEC from utilizing funds for enforcement activities related to digital asset transactions until Congress passes future legislation granting the agency explicit jurisdiction in this realm.
However, it’s important to note that the inclusion of this amendment in the House’s budget is subject to potential revisions during the reconciliation process before final approval.
Emmer Says DOJ and Treasury Should Address Crypto Regulations
In a statement issued on November 8, Congressman Emmer emphasized that the Department of Justice, the Treasury, and the Treasury’s Office of Foreign Asset Control should take charge of addressing any potential wrongdoings in the digital asset industry, instead of the SEC.
Emmer expressed concerns that SEC Chair Gary Gensler’s actions could unintentionally push innovation and investment opportunities in the crypto sector to offshore locations.
.@GaryGensler is as ineffective as he is incompetent. Fortunately, my nonpartisan appropriations amendment to reign in SEC enforcement abuses against the digital asset industry passed the House today with no opposition.
Congress will hold unelected bureaucrats accountable. pic.twitter.com/TGaaW8I0Eu
— Tom Emmer (@GOPMajorityWhip) November 8, 2023
“My amendment prohibits the SEC from using taxpayer-funded resources to pursue enforcement actions against the digital asset industry until Congress passes legislation that authorizes regulatory enforcement jurisdiction,” Emmer wrote.
It is worth mentioning that Republican lawmakers have been pushing for reduced funding across various federal agencies.
Representative Tim Burchett, for instance, recently proposed an amendment to slash the salary of SEC Chairman Gensler down to $1.
Burchett’s proposal also targeted other officials who have drawn criticism from the GOP.
The budget, which is set to expire on November 17, will undergo reconciliation between the House and Senate proposals to avoid a potential government shutdown.
This period provides an opportunity for digital asset legislation to gain traction, as Republican Jim Johnson assumes the role of House speaker.
Crypto Bills Await Congress Attention
Several crypto-related bills are currently awaiting attention in Congress, including the Financial Innovation and Technology (FIT) for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Keep Your Coins Act.
Senator Ted Budd recently introduced the Keep Your Coins Act, which aims to guarantee the right to maintain self-custody wallets, and it has already passed the House Financial Services Committee.
In parallel, concerns over the potential use of cryptocurrencies for funding terrorism have prompted calls for action.
Deputy Treasury Secretary Wally Adeyemo urged Congress to crack down on such activities during the annual meeting of the Securities Industry and Financial Markets Association.
A letter spearheaded by Senator Elizabeth Warren, signed by over 100 legislators, also called on President Joe Biden’s administration to address the alleged role of cryptocurrencies in terrorism financing.
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