House Passes Amendment to Limit SEC Authority on Crypto Industry
The U.S. House of Representatives has approved an amendment by Congressman Tom Emmer (R-MN) that aims to restrict the authority of the U.S. Securities and Exchange Commission (SEC). This amendment, which is part of the Financial Services and General Government Appropriations Act of 2024, prevents the SEC from using funds to carry out enforcement actions related to crypto asset transactions.
Congressman Emmer’s Criticisms of Gary Gensler
Congressman Emmer took to social media to explain his amendment and criticize SEC Chairman Gary Gensler, calling him “ineffective” and “incompetent.” He expressed his concerns about the SEC’s enforcement abuses against the digital asset industry and emphasized the need for Congress to hold unelected bureaucrats accountable.
Additional Crypto-Related Amendments Adopted
Two other crypto-related amendments were also adopted as part of the Financial Services and General Government Appropriations Act of 2024. One amendment by Congressman Warren Davidson (R-OH) prohibits funds from being used by the Department of the Treasury for central bank digital currency development. Another amendment by Congressman Alex Mooney (R-WV) prohibits funding for the CBDC Working Group led by the Department of Treasury.
Criticism of Gensler’s Approach
Several U.S. lawmakers have criticized SEC Chairman Gensler for his enforcement-centric approach to regulating the crypto industry. Congressman Davidson has even introduced legislation to remove Gensler from his position. Emmer previously accused Gensler of consolidating power at the expense of everyday Americans and the financial future of the country.
Hot Take
The U.S. House of Representatives has taken a significant step in reining in the SEC’s authority over the crypto industry with amendments aimed at limiting its enforcement actions and preventing central bank digital currency development. These moves reflect growing concerns among lawmakers about Gensler’s approach, signaling potential changes in how crypto regulation is handled in the U.S.
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