In a decisive move, Representative Tom Emmer has advanced an amendment to restrict the U.S. Securities and Exchange Commission (SEC) from utilizing government funds to enforce regulations on cryptocurrency businesses. This provision, attached to the federal budget bill HR 4664, mandates that any enforcement activities must await Congress’s explicit authorization. Emmer’s stance is clear: taxpayer money should not fund actions against the digital asset sector without legislative backing.
With the amendment passing unopposed, it underscores a broader initiative by Republican lawmakers to curtail federal agency funding. Emmer suggests alternative bodies, such as the Department of Justice and the Treasury, are better suited for handling crypto-related enforcement. This strategy intends to safeguard the burgeoning digital asset industry from potential overreach by SEC Chair Gary Gensler, whom Emmer accuses of pursuing a politically motivated agenda.
The broader implications of Emmer’s amendment tie into the imminent budget reconciliation deadline on November 17. This period may also reinvigorate digital asset legislation efforts, with several crypto-related bills awaiting Congressional consideration. Among them is the “Keep Your Coins Act,” championed by Senator Ted Budd, which promotes the right to self-custody wallets, signifying a pivotal moment for crypto regulation and its future in the legislative arena.
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