Tom Emmer Takes on SEC’s Gensler
Currently, Tom Emmer, the majority whip of the U.S. House of Representatives, is challenging Gary Gensler and the US SEC’s approach to regulating the cryptocurrency landscape. He has criticized the SEC for using government funds to enforce crypto regulation and introduced a new amendment to the Financial Services and General Government Appropriations Act that prohibits the SEC from using government funds for this purpose.
US SEC Faces Criticism Over Crypto Crackdown
According to Emmer, regulatory enforcement by administrations like the US SEC, especially under Gensler’s leadership, is an increasingly common practice. His amendment aims to stop what he sees as a pattern of regulatory abuse by the SEC. Emmer claims that these efforts are stifling innovation and capital formation in America. The proposed amendment specifically prevents the use of government funds for enforcing regulations on digital asset transactions.
He also stated that until Congress authorizes the SEC to take action in this area, his amendment will prevent them from doing so. Although it still needs approval from a reconciliation committee, it has made progress in the House’s budget.
Negative Sentiments Surrounding US SEC
Under Gensler’s leadership, the SEC has targeted numerous cryptocurrency firms with various regulatory measures but has not established a consistent policy for companies operating in this sector. Emmer alleges that the SEC goes after firms trying to innovate in America while overlooking bad actors such as FTX or Terra Luna.
The SEC also refused to dismiss a lawsuit against Binance for violating security laws and fraud, according to Coingape media reports yesterday.
Hot Take: US Rep vs. SEC – Who Will Win?
Tensions between Tom Emmer and Gary Gensler have escalated as Emmer seeks to curb what he views as excessive regulation by the SEC. The battle over government funds used for regulating digital assets is ongoing but has already advanced in Congress. It remains to be seen how this power struggle will play out and who will emerge victorious in shaping cryptocurrency regulation in America.
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