U.S Majority Whip Tom Emmer Proposes New Restrictions On SEC

Tom Emmer, the Majority Whip of the U.S. House of Representatives, has previously voiced his opinion on the SEC and their ill practices against the crypto industry. On Friday, Emmer proposed a groundbreaking amendment that again put the SEC in the crosshair.

Previously, Rep. Tom Emmer has co-led various bills to bring regulatory clarity in the United States. Emmer took to X (Twitter) to announce his new effort to restrict Gay Gensler and the SEC’s monetary funding.

Emmer’s New Effort

Due to the lack of crypto regulation, the millions of dollars spent by the SEC in legal battles with multiple crypto entities seem to be a waste of the taxpayer’s money.

In his post, Tom Emmer calls out Gary Gensler, claiming the SEC chair “has abused his authority to grow the Administrative State to the detriment of the American people.”

He addresses Congress to use all their tools and appropriate processes to prevent Gary Gensler and the SEC from weaponizing the taxpayer dollars.

Emmer plans to sponsor an appropriations amendment. The amendment will restrict the SEC’s use of funds to enforce digital assets until the establishment of clear rules and regulations.

The new restrictions on the SEC’s crypto enforcement are part of an upcoming funding bill for the agency.

Also Read: Fed’s Micheal Barr Pushes For Stablecoin Regulation

Previous Attempts

Earlier in March, Majority Whip Emmer introduced the Blockchain Regulatory Certainty Act. The bill instates blockchain developers and service providers are not money transmitters as they do not custody consumer funds.

As the bill separates custody provides and non-custody providers, the later would no longer be subject to unnecessary compliances hindering innovation in the United States.

The bill established certainty that helps validators, miners, and other non-custodial service providers from falling under the same umbrella as custody providers.

Prominent figures in the blockchain industry, like Blockchain Association CEO Kristin Smith and Crypto Council CEO Sheila Warren, supported the bill.

Tom Emmer also joined Rep. Warren Davidson’s SEC Stabilization ACT aimed at removing Gary Gensler as the Chair of the SEC.

It is clear from his previous efforts that Majority Whip Tom Emmer is not a fan of Gary Gensler and the current operation style of the SEC. We hope his new efforts see the dawn of the day.

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