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Representative Tom Emmer proposes amendment that would limit SEC oversight of cryptocurrencies

United States Representative on September 8 Tom EmmerThe Majority Leader of the US House of Representatives – who has previously expressed concerns about the Securities Exchange Commission (SEC) actions towards the crypto industry – He sponsored an appropriations amendment that limits the funds the SEC uses to oversee digital assets.

In his statementEmmer criticizes SEC chairman Gary Gensler, claimed that he abused his authority and had negative consequences for Americans. Emmer urged Congress to use existing methods and procedures combating the misuse of taxpayer funds by Gensler and the SEC.

In the past, Emmer has sponsored several bills aimed at increasing regulatory transparency in the United States.

@GaryGensler He abused his authority to expand the Executive State to the detriment of the American people. Congress should use all of its tools, including the appropriations process, to prevent Mayor Gensler from using further taxpayer money.

— Tom Emmer (@GOPMajorityWhip) September 8, 2023

Appropriations change will limit use of funds SEC can use to monitor digital assets Until comprehensive rules and regulations are introduced. Lack of regulations on cryptocurrencies has increased concerns, according to Emmer The huge expenses the SEC has incurred in numerous legal disputes against crypto companies.

Emre during the meeting introduced Blockchain Regulatory Certainty Actwho explains this Blockchain developers and service providers are not considered money transmittersBecause they do not store consumer funds.

Bill distinguishes between custody providers and non-custodial providersit frees them from unnecessary compliance burdens that can stifle innovation in the United States. This description provides: Validators, miners, and other non-custodial service providers are not classified in the same way as custody providers.

Notable names in the blockchain industry: Kristin SmithBlockchain Association CEO, e Sheila Warren, The Crypto Council CEO voiced their support for the proposed law. Emmer also supported the Stabilization Act SEC recommended by representative Warren DavidsonAiming to remove Gary Gensler from his position as SEC Chairman.

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