Emmer Proposes Amendment to Limit SEC’s Authority over Crypto
Representative Tom Emmer has introduced an amendment that seeks to limit the authority of the Securities and Exchange Commission (SEC) over the cryptocurrency sector. Emmer, a strong advocate for crypto, has previously supported pro-crypto bills such as the Blockchain Regulatory Certainty Act. However, it is important to note that these bills have not made significant progress, and the proposed amendment may face similar challenges in gaining support from Democratic lawmakers.
SEC’s Challenges in Asserting Authority
The SEC has faced difficulties in asserting its authority over the emerging crypto sector. Recent setbacks include a partial loss in the Ripple case and a US Appeals Court ruling against its rejection of Grayscale’s Bitcoin Trust conversion into a spot ETF. Despite these challenges, the SEC plans to appeal the Ripple ruling and is currently considering its position on the Grayscale decision.
Hot Take
The proposed amendment by Representative Emmer reflects the ongoing tension between regulators and the crypto industry. While there is a need for regulatory clarity, limiting the SEC’s authority may hinder its ability to protect investors and ensure market integrity. Striking a balance between innovation and investor protection remains a key challenge for regulators in the crypto space.
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