Congressman Tom Emmer Moves to Diminish SEC’s Grip on Crypto Industry

U.S. Representative Tom Emmer takes a bold step towards limiting the SEC’s intervention in the world of digital assets.

Emmer’s Stance on SEC’s Influence Over Digital Assets

U.S. Representative Tom Emmer, serving as the Majority Whip of the House of Representatives, has recently voiced his growing concerns regarding what he perceives as unequal treatment by the United States Securities and Exchange Commission (SEC) towards the cryptocurrency and blockchain sectors. Emmer has particularly been critical of SEC Chair, Gary Gensler, referring to him as a “regulator acting in bad faith.”

Push for Regulatory Oversight Reduction

On September 8, Congressman Emmer unveiled a major amendment aimed at curbing the budget the SEC utilizes for enforcement actions targeting the cryptocurrency industry. This move remains contingent until a detailed and holistic regulatory outline for the digital assets domain is presented by U.S. legislators.

Reflecting on the SEC’s recent actions, Emmer emphasized that Gensler has been indiscriminately targeting the cryptocurrency community while overlooking the genuine malefactors. Emmer expressed his belief that the SEC has exceeded its jurisdictional bounds to the detriment of U.S. citizens.

Call for Transparency and Proper Usage of Resources

Emmer is no stranger to advocating for clarity in the legislative landscape. He has co-sponsored multiple bills in the past, striving for enhanced regulatory transparency in the United States. The Congressman has further urged the legislative body to implement stringent measures to ensure taxpayer funds are not misused by the SEC or its Chair.

Commenting on the situation, Emmer remarked, “Gary Gensler has exploited his position to expand the Administrative State, adversely affecting the American people. It is paramount for Congress to employ every available resource, the appropriations process included, to deter Chair Gensler from further misallocating taxpayer funds.”

Related Developments in Congress

It’s worth noting that concerns over the SEC’s role aren’t isolated to Emmer. Previously, as covered by Bitnation, Congressman Warren Davidson proposed a groundbreaking bill, the “SEC Stabilization Act”, in the House of Representatives on June 12. This legislation, if passed, seeks to remove Gary Gensler from his position as the SEC Chair.