Tom Emmer Criticizes US Treasury Department’s Request for More Power
House Financial Services Committee member Tom Emmer has expressed his disapproval of the US Treasury Department’s request for increased authority to regulate the crypto industry. Emmer criticized the department, stating that it wants to establish a “surveillance state.” He emphasized that such power should be within the jurisdiction of Congress, not the Treasury. Emmer also revealed that he and other lawmakers are waiting for the Treasury’s response to a letter they sent regarding the role of crypto in financing militant group Hamas.
Senator Cynthia Lummis Takes a Measured Approach
Unlike Emmer, Senator Cynthia Lummis of the Senate Banking Committee took a more measured approach to the Treasury’s recommendations. She mentioned that she will focus on the specific recommendations related to mixers and tumblers and determine if it is an area that can be discussed with the Treasury.
The Battle Between Crypto Regulation and Innovation
This is not the first time Tom Emmer has opposed regulatory action against the crypto industry. In November, he proposed an amendment to the federal budget aimed at reducing the budget for crypto enforcement by the Securities and Exchange Commission (SEC). Critics argue that the SEC’s enforcement strategy hinders innovation and causes crypto firms to move overseas. However, others believe that the crackdown was necessary to establish a stronger foundation for the industry’s growth.
Hot Take: The Debate Over Crypto Regulation Continues
The debate between those advocating for stricter regulations and those pushing for innovation in the crypto industry shows no signs of slowing down. With the US Treasury Department seeking more power to regulate, and members of Congress like Tom Emmer standing in opposition, the future of crypto regulation remains uncertain. Finding the balance between security and innovation will be crucial in shaping the industry’s growth and ensuring its long-term success.
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