US Senator Takes Steps to Prevent SEC Interventions in Cryptocurrency Industry

Minnesota Republican and U.S. House Majority Representative Tom Emmer has sponsored an amendment that would restrict the U.S. Securities and Exchange Commission’s (SEC) use of funds for digital asset enforcement until comprehensive rules and regulations are implemented. The change, which is part of the Financial Services and General Government Appropriations Act for fiscal year 2024, aims to prevent the SEC from “using taxpayer money as a weapon” against the cryptocurrency industry, according to Emmer. Emmer said the following about the SEC chairman:

Gary Gensler abused his authority to increase his authority to the detriment of the American people. Congress must use all of our tools, including the appropriations process, to prevent Chairman Gensler from further weaponizing taxpayer money. Therefore, I plan to sponsor an appropriations amendment restricting the SEC’s use of funds for digital asset enforcement until clear rules and regulations are in place.

Emmer stands out as a strong advocate for regulatory clarity and innovation in the cryptocurrency space. Emmer has previously co-sponsored several bills aimed at increasing transparency and protecting consumers in the digital asset market, such as the Blockchain Regulatory Clarity Act, the Securities Clarity Act, and the Removing Barriers to Innovation Act.