In a groundbreaking move, Congressman Tom Emmer has successfully advanced an amendment aimed at restricting the U.S. Securities and Exchange Commission (SEC) from utilizing government funds for crypto enforcement.
This strategic amendment, appended to HR 4664 (Financial Services and General Government Appropriations Act), prevents the SEC from engaging in enforcement activities related to digital asset transactions until Congress formally grants the agency jurisdiction through future legislation.
While the amendment has progressed unopposed, it faces a crucial step in the form of a reconciliation committee within the House’s budget before final approval. Emmer, a vocal proponent of the digital asset industry, emphasizes the role of other agencies such as the Department of Justice and the Treasury in handling potential misconduct, citing concerns about SEC Chair Gensler’s alleged misuse of agency powers for political agendas.
My amendment prohibits the SEC from using taxpayer-funded resources to pursue enforcement actions against the digital asset industry until Congress passes legislation that authorizes regulatory enforcement jurisdiction.
— Tom Emmer (@GOPMajorityWhip) November 8, 2023
This move aligns with broader efforts by Republican lawmakers to reduce funding across federal agencies, questioning the efficacy of a Commission operating without jurisdiction. Emmer’s nonpartisan appropriations amendment seeks to rein in SEC enforcement, barring the use of taxpayer-funded resources until Congress formally authorizes regulatory enforcement jurisdiction. As the debate unfolds, it reflects a broader discourse on accountability and the responsible use of taxpayer money in shaping the regulatory landscape for the evolving digital asset industry.
