Emmer Proposes Amendment to be Limited SECโs Authority over Crypto
Representative Tom Emmer has introduced an amendment that seeks toย delimit the authority of the Securities and Exchange Commission (SEC) over the digitalย currency sector. Emmer, a strong advocate for cryptocurrency, has previously supported pro- cryptocurrency bills such as the Blockchain Regulatory Certainty Act. Nonetheless, it isย worthย mentioningย that these bills have not made wholeย lotย of progress, and the proposed amendment may face similar challenges in gaining support from Democratic lawmakers.
SECโs Challenges in Asserting Authority
The SEC has faced difficulties in asserting its authority over the emerging cryptocurrency sector. Recent setbacks include a partial loss in the Ripple case and a Unitedย States Appeals Court ruling against its rejection of Grayscaleโs Bitcoinย (BTC) Trust conversion into a spot ETF. Regardlessย of these challenges, the SEC intendsย to appeal the Ripple ruling and is asย ofย now considering its position on the Grayscale decision.
Hot Take
The proposed amendment by Representative Emmer reflects the ongoing tension between regulators and the cryptocurrency industry. Althoughย while thereย is a need for regulatory clarity, limiting the SECโs authority may hinder its capacity to protect investors and secure market integrity. Striking a balance between innovation and investor protection remains a key challenge for regulators in the cryptocurrency space.
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