House Passes Amendment to Curb SEC’s Enforcement Overreach in Crypto Sector
An amendment aimed at curbing the U.S. Securities and Exchange Commission’s (SEC) enforcement overreach within the cryptocurrency sector has been unanimously passed in the House. The amendment was pushed by U.S. Republican House Majority Whip Tom Emmer.
Emmer expressed concerns about the SEC’s approach towards the cryptocurrency sector under Chair Gary Gensler, stating that overbearing actions could force innovation and investment opportunities in the digital asset industry to move offshore.
U.S. Republican Party Pushes To Reduce Agencies’ Budgets
The latest amendment is part of a broader effort by Republican lawmakers to reduce funding across federal agencies. Representative Tim Burchett proposed slashing Gensler’s salary to just $1 and targeted other officials who have drawn criticism from the Republican Party.
The House and Senate proposals will undergo reconciliation to prevent a government shutdown, providing an opportunity for digital asset legislation to gain traction while Republican Jim Johnson assumes the role of House speaker.
Hot Take: Impact of SEC Amendment on Crypto Industry
The unanimous passing of the amendment in the House sends a clear message about growing concerns regarding SEC enforcement overreach within the cryptocurrency sector. This move is expected to provide relief to innovators and investors in the digital asset industry, as well as shift regulatory oversight from the SEC to other federal agencies such as the Treasury’s Office of Foreign Asset Control. It remains to be seen how this change will impact future developments in the crypto space and whether it will lead to increased investment opportunities within the United States.
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