Bitcoin

Emmer Halts SEC Crypto Funding

In a strategic legislative move, Rep. Tom Emmer has proposed an amendment to halt SEC's spending on crypto enforcement. Awaiting Congressional jurisdiction, this could mark a significant shift in digital asset regulation. The amendment passed unopposed, highlighting a Republican drive to limit agency funding and advocate for the crypto industry’s autonomy.
By
Jordan Tuwiner

Jordan discovered Bitcoin in 2013 and has been helping others learn about Bitcoin since through this site, which reaches 20,000+ readers daily.

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      November 9, 2023

Emmer Halts SEC Crypto Funding

Key Takeaways

  • Rep. Tom Emmer proposes an amendment to defund SEC's crypto enforcement.
  • The amendment awaits budget reconciliation and the legislative nod for SEC jurisdiction.
  • The 'Keep Your Coins Act' and other bills signify a potential shift in digital asset regulation.

Emmer’s Amendment Targets SEC’s Crypto Actions

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.

Legislative Moves and Crypto Advocacy

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.

Budget Reconciliation and Crypto Legislation

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.

Article Sources

BuyBitcoinWorldWide writers are subject-matter experts and base their articles on firsthand information, like interviews with experts, white papers or original studies and experience. We also use trusted research and studies from other well-known sources. You can learn more about our editorial guidelines.

  1. Coin Telegraph - Rep. Tom Emmer proposes to defund SEC’s crusade against crypto, https://cointelegraph.com/news/rep-tom-emmer-amendment-house-budget-bill-defund-sec-crypto-enforcement

About the Author

jordan tuwiner

Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. He studied computer science at Towson University and holds an online degree in trading & cryptocurrency. Jordan has been writing about Bitcoin since 2015. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets.