US Lawmaker Plans Bill to Limit SEC's Crypto Enforcement Funding
US Congressman Tom Emmer plans to introduce a bill to restrict the SEC's crypto enforcement funding. Find out more about the implications and potential impact of this bill on the crypto industry.
Posted 10 months ago in Blockchain
US Congressman Tom Emmer is set to introduce a bill that will restrict the Securities and Exchange Commission (SEC) from using its funding for crypto enforcement actions.
Emmer took to X (formerly Twitter) to announce the bill, stating that it aims to prevent SEC Chair Gary Gensler from misusing taxpayers' dollars against the growing industry.
The appropriations amendment bill will curtail the SEC's ability to use funding for enforcement cases until clear rules and regulations are established.
Emmer's pro-crypto stance is well-documented, with his track record of supporting various crypto-related bills.
Despite the slim likelihood of Democratic lawmakers supporting the proposed amendment, the SEC has faced challenges in asserting its authority over the crypto sector, including setbacks in the Ripple and Grayscale cases.
The bill's submission date to Congress has not been disclosed.
It is crucial for regulatory bodies to strike a balance between fostering innovation and protecting investors.
The outcome of this bill will undoubtedly shape the future of crypto regulation in the United States.
Last updated 9/9/2023, 6:29:37 PM
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