Tom Emmer Takes Aim at Biden Administration and SEC Chair
During a session of Congress, Minnesota Representative Tom Emmer criticized the Biden Administration and SEC Chair Gary Gensler as the U.S. House passed his appropriation amendment. The amendment is designed to “reign in SEC enforcement abuses against the digital asset industry.”
Emmer’s attack came on the same day Gensler spoke at the annual DC Fintech Week conference. Gensler mentioned that whoever secured what remains of fallen crypto exchange FTX is welcome to revive the brand, provided they ”do it within the law.”
Emmer’s Amendment to End Regulatory Abuse
Emmer put forth an amendment to Congress aiming to end Gensler’s “pattern of regulatory abuse, which is crushing American innovation and capital formation.” The amendment prohibits the U.S. Securities and Exchange Commission from utilizing funds for enforcement activities concerning digital asset transactions until Congress enacts legislation that confers jurisdiction over this asset class to the SEC.
Gensler’s Approach Criticized
Emmer stated that under Gensler’s leadership, the SEC has pursued dozens of enforcement actions against the digital asset industry without finalizing a single rule or regulation for the industry to follow. Emmer believes that Gensler refuses to provide clear criteria for digital assets considered securities.
Congress Holds Bureaucrats Accountable
Emmer’s amendment sends a message that Congress will hold unelected bureaucrats accountable. This, according to Emmer, will keep Chair Gensler in check while Congress continues working to give this industry a chance to grow and develop in the United States.
Gensler Offers Advice for FTX Revival
Gensler acknowledged the possibility that FTX could be brought back to life under former New York Stock Exchange President Tom Farley. He advised future owners of FTX to build trust with investors, ensure proper disclosures, avoid trading against customers or using their crypto assets for personal purposes.
Hot Take: The Battle Between Emmer and Gensler Continues
The ongoing battle between Tom Emmer and Gary Gensler reflects a larger struggle within regulatory bodies over how best to govern digital assets. As this conflict plays out, it remains to be seen how these issues will impact the future of cryptocurrency regulation in the United States.
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