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Amid the ongoing tussle between the US SEC and the crypto sector, Tom Emmer, the majority whip of the U.S. House of Representatives, cracked down on Gary Gensler and the SEC’s approach toward regulating the cryptocurrency landscape.
As of writing, Emmer criticized the SEC over utilizing government funds to pursue its crypto regulation enforcement venture and added a new amendment to the Financial Services and General Government Appropriations Act that deprives the SEC from using government funds.
Tom Emmer Cracking Down On SEC’s Gensler
According to Tom Emmer, enforcing regulations has been a practice all too common within administrations like the US SEC, particularly referring to Gary Gensler’s crackdown on the US’ Capital Markets and Financial Services industries, along with the merging digital asset sector.
Emmer’s amendment seeks to put an end to the regulatory abuse pattern that the SEC has formed, claiming that the SEC’s efforts to regulate the crypto sector are crushing America’s virtue of innovation and capital formation. Furthermore, the amendment proposed by Emmer specifically prohibits the SEC from tapping into government funds for enforcing activities revolving around digital asset transactions.
Additionally, the majority whip stated that until Congress passes legislation that authorizes the SEC to take prompt actions revolving around the asset class, the proposed amendment shall prohibit the SEC from taking on such enforcement activities. Although the amendment still needs to face a reconciliation committee before getting finally approved, it has successfully advanced the House’s budget.
Also read: Whale Moves Over 59 Mln XRP As Price Nears $0.70, What’s Next?
US SEC Popping Up Negative Sentiments Over Crypto Crackdown
Over the years, the SEC, under Gary Gensler’s leadership, has shadowed dozens of cryptocurrency firms, enforcing a variety of regulatory measures despite ever drafting out a common policy for firms operating within the digital asset landscape.
As stated by Emmer, the SEC has a habit of going after firms trying to survive and thrive in innovations within America while ignoring bad actors such as FTX or Terra Luna.
Similarly, as reported by Coingape media yesterday, the SEC refused to dismiss the lawsuit against Binance over violations of security laws and fraud.
Also read: Ripple’s Partner SBI Holdings Introduces $663 Mln Fund For AI, Web3 Startups
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