Federal lawmaker wants to keep the SEC out of cryptocurrency

Federal lawmaker wants to keep the SEC out of cryptocurrency

Congressman Tom Emmer wants to defund the SEC’s crypto enforcement efforts

US Congressman Tom Emmer has added an amendment to the House Republican spending bill to block the US Securities and Exchange Commission (SEC) from using government funds to pursue cryptocurrency enforcement until Congress decides who has jurisdiction. The amendment was attached on November 8 to HR 4664, the Financial Services and General Government Appropriations Act, or the federal budget.

The amendment was passed unanimously and bans the SEC from using government funds to enforce crypto activity until Congress passes legislation granting the agency permission. Because it’s part of the House budget, the amendment must go before a reconciliation committee before it can be approved.

Emmer recommended in a November 8 statement that the Treasury, the Treasury’s Office of Foreign Asset Control and the Department of Justice can address any “future bad actors like FTX.” He added, “SEC Chair Gensler cannot continue to abuse the powers of his agency to fulfill a political agenda of driving the new and promising digital asset industry offshore.”

Representative Tim Burchett took a shot at Gensler and others on November 7, proposing an amendment that would lower the SEC head’s salary to $1. He also suggested cutting the salaries of other bureaucrats who have disappointed the GOP.

The House and Senate proposals must be negotiated, or temporary funding must be authorized by November 17 to bypass a government shutdown. Now that Republican Mike Johnson has been installed as Speaker of the House, lawmakers have also restored digital asset legislation and other federal budget-related cases.

Several crypto-related proposals are before Congress, including the Financial Innovation and Technology for the 21st Century Act, the Clarity for Payment Stablecoins Act, the Blockchain Regulatory Certainty Act and the Keep Your Coins Act.

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