An amendment aimed at curbing the U.S. Securities and Exchange Commission’s (SEC) enforcement overreach within the cryptocurrency sector has been unanimously passed in the House. The amendment was pushed by U.S. Republican House...
An amendment aimed at curbing the U.S. Securities and Exchange Commission’s (SEC) enforcement overreach within the cryptocurrency sector has been unanimously passed in the House.
The amendment was pushed by U.S. Republican House Majority Whip Tom Emmer.
Emmer Says SEC Regime is Overbearing
The inclusion of the amendment is still subject to potential revisions during the reconciliation process.
Emmer has long been a critic of the SEC’s approach towards the cryptocurrency sector under Chair Gary Gensler.
The Congressman also shared his concerns that the Gensler regime’s overbearing actions could force innovation and investment opportunities within the digital asset industry to move to offshore locations.
.@GaryGensler is as ineffective as he is incompetent. Fortunately, my nonpartisan appropriations amendment to reign in SEC enforcement abuses against the digital asset industry passed the House today with no opposition.
Congress will hold unelected bureaucrats accountable. pic.twitter.com/TGaaW8I0Eu
— Tom Emmer (@GOPMajorityWhip) November 8, 2023
U.S. Republican Party Pushes To Reduce Agencies’ Budgets
This latest amendment forms part of the overall effort by Republican lawmakers to reduce funding across federal agencies.
The House and the Senate proposals will undergo reconciliation to try and prevent a government shutdown. This period will also provide digital asset legislation an opportunity to gain traction, while Republican Jim Johnson assumes the role of House speaker.
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