Congressman Tom Emmer Moves to Restrict SEC’s Crypto Budget

Minnesota Congressman Tom Emmer is preparing a notable budgetary move. Aimed at the U.S. Securities and Exchange Commission (SEC), Emmer intends to introduce an amendment to limit its spending on cryptocurrency regulations.

Serving as the Majority Whip in the U.S. House of Representatives, this Republican representative is backing a significant appropriations amendment bill. His primary concern is the authority SEC chair Gary Gensler seems to wield.

Emmer’s goal with the amendment is to curtail the SEC’s reach in using taxpayer dollars for digital asset regulation.

On the social media platform X, Emmer voiced his concerns. He stated that Gensler’s current approach restricts Americans from realizing the full potential of Bitcoin (BTC) and other digital currencies. “Congress,” Emmer mentioned, “needs to ensure that taxpayer funds aren’t misused by the SEC.”

Gensler, on his part, hasn’t held back his reservations about the crypto sector. In a chat with Bloomberg recently, he highlighted issues like deceptive practices and non-compliance within the cryptocurrency market. This comes in the backdrop of a significant legal ruling about XRP’s classification as a security, a verdict that challenged the earlier stance of the SEC.

In June, Emmer co-authored a bill that was filed by United States Representative Warren Davidson in the House of Representatives, the “SEC Stabilization Act”, in an effort to rectify what they see as a misuse of power. It suggested removing Gensler from his position and redistributing authority between the SEC chair and commissioners.