Tom Emmer’s Bold Amendment
On November 8, Congressman Tom Emmer made waves in Washington D.C. by attaching an amendment to HR 4664, the Financial Services and General Government Appropriations Act. This daring move aims to prevent the U.S. Securities and Exchange Commission (SEC) from using taxpayer dollars to enforce regulations on digital asset transactions.
What Does the Amendment Entail?
Emmer’s amendment effectively puts the SEC on financial lockdown regarding crypto enforcement until Congress passes new legislation that clearly defines its jurisdiction. In his own words:
“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.”
The Road Ahead for the Budget
While Emmer’s amendment has breezed through without opposition, it still faces a blockade of sorts. The House budget, which includes his amendment, will be put to the test in a reconciliation committee before it can officially make its way to the finish line.
Criticism of the SEC’s Methods
In his statement, Emmer didn’t hold back on his criticism of SEC Chair Gary Gensler. He argued that the SEC should not have the autonomy to “abuse” their powers to push a political agenda that might drive innovative sectors like crypto overseas. He suggests that other governmental bodies, like the Department of Justice or Treasury, could be better suited to address bad actors in the crypto space.
Other Amendments in the Mix
In a climate of budget cuts for federal agencies, Representative Tim Burchett decided to take a swing at Gensler by proposing another amendment which suggests the SEC Chairman’s salary be slashed to a meager $1. How’s that for a wake-up call? Burchett’s proposal eliminates not just the SEC chair’s salary but extends to others in the hot seat with the Republican party. It’s like the political version of “take your toys and go home.”
Looking Forward: Upcoming Legislative Battles
The budget must be resolved by November 17 to avoid a government shutdown, putting extra pressure on Congress. With new GOP House Speaker Mike Johnson at the helm, discussions about digital asset legislation are heating up. Key bills in the pipeline include the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act.
As the dust settles on this amendment, stakeholders in the digital asset arena wait with bated breath for what Congress will decide next. The clash between regulating innovation while keeping the bad actors at bay is proving to be a fine line to walk!
