Emmer Seeks to Limit SEC Crypto Oversight Until Regulations Finalized

Rep. Tom Emmer sponsors amendment to limit SEC's crypto oversight
Emmer intends to introduce appropriations amendment to restrict SEC's use of funds for digital asset enforcement
Amendment would limit SEC enforcement until comprehensive crypto rules are implemented
Emmer criticizes SEC Chair Gary Gensler for overstepping authority and negatively affecting people
Emmer has previously supported bills seeking to enhance regulatory transparency
Amendment would restrict SEC's use of funds for crypto enforcement until regulations are in place
Concerns raised about SEC's expenditures in legal disputes with crypto entities
Emmer introduced Blockchain Regulatory Certainty Act in March to clarify blockchain providers are not money transmitters
Bill distinguishes between custody and non-custody providers to avoid stifling innovation

cointelegraph.com

Relevant topic timeline:

9/1/2023

Gary Gensler’s Crypto Approach Likely Won’t Be Slowed By The Courts

The Securities and Exchange Commission (SEC) may have suffered setbacks in its regulation-by-enforcement approach to the cryptocurrency industry, with the latest ruling in favor of Grayscale Investments potentially paving the way for the emergence of a bitcoin spot exchange-traded fund (ETF); however, the SEC could appeal the decision or find new ways to deny similar applications, and the lack of a regulated exchange for the bitcoin spot market remains a challenge. Despite court challenges, SEC Chair Gary Gensler is expected to continue pursuing his regulation tactics, while Congress and a potential Republican president in 2024 may play a role in shaping the regulatory environment for digital assets.

9/11/2023

Congressman Emmer: Blockchain and Crypto Innovation Must Be Highlighted Despite Recent Failures

U.S. Congressman Tom Emmer believes that blockchain technology could be used to authenticate real information against AI-generated content, and he emphasized the need for the crypto industry to focus on innovation and change the narrative surrounding it.

9/12/2023

Gensler to push for crypto regulation despite recent SEC court losses

Despite recent losses in court, SEC Chair Gary Gensler remains firm in his belief that his agency should regulate cryptocurrencies as securities, stating that most crypto assets meet the Howey Test and should comply with securities laws. The SEC's defeats in cases against Ripple and Grayscale have not deterred Gensler's stance, and he plans to convey this to lawmakers during a Senate Banking Committee hearing.

9/18/2023

SEC Probe and Layoffs Rock Binance.US Amid Crypto Regulation Push Worldwide

Binance.US faces continued legal struggles with the SEC, with accusations of noncooperation and low trading volume, while India works on crypto regulation and EU lawmakers vote in favor of a cryptocurrency tax reporting rule. Additionally, U.S. Representative Tom Emmer and co-sponsors reintroduce the CBDC Anti-Surveillance State Act to protect financial privacy.

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Posted 9/9/2023, 7:07:30 AM