Pro-Crypto Congressman Pushes for Amendment
Tom Emmer, a pro-crypto congressman, is working to advance an amendment aimed at preventing the U.S. securities regulator from using government funds for crypto enforcement.
Emmer attached this amendment to HR 4664 — the Financial Services and General Government Appropriations Act, or federal budget. The amendment passed unopposed and bars the Securities and Exchange Commission from using funds for enforcement activities related to digital asset transactions unless Congress grants the agency jurisdiction.
My amendment prohibits the SEC from using taxpayer-funded resources to pursue enforcement actions against the digital asset industry until Congress passes legislation that authorizes regulatory enforcement jurisdiction.
— Tom Emmer (@GOPMajorityWhip) November 8, 2023
Republican Opposition and Budget Status
The House’s budget, including the amendment, must still face a reconciliation committee before it’s passed. Emmer believes other agencies can handle bad actors in the industry, criticizing SEC Chair Gensler’s handling of digital assets. Other Republican lawmakers are also trying to reduce funding across all federal agencies, including proposing amendments to cut salaries.
Digital Asset Legislation
Digital asset legislation is also being revived with new House Speaker Jim Johnson. Bills awaiting Congressional attention include the Financial Innovation and Technology (FIT) for the 21st Century Act, Blockchain Regulatory Certainty Act, Clarity for Payment Stablecoins Act, and Keep Your Coins Act.
Hot Take
With increasing opposition within Congress to SEC oversight of digital assets, it’s clear that regulatory battles are far from over in the crypto industry.
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