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<p class="is-style-lead">Minnesota Congressman Tom Emmer plans to present a budgetary amendment to limit the U.S. Securities and Exchange Commission (SEC) from utilizing its crypto regulations budget. </p> 
<p class="is-style-default"><a href="https://crypto.news/tom-emmer-says-biden-administration-is-targeting-crypto/" data-type="link" data-id="https://crypto.news/tom-emmer-says-biden-administration-is-targeting-crypto/" rel="noopener noreferrer nofollow">Emmer</a>, a Republican who holds the role of Majority Whip in the U.S. House of Representatives, is gearing up to sponsor a significant appropriations <a href="https://www.majoritywhip.gov/news/documentsingle.aspx?DocumentID=245" target="_blank" rel="noopener noreferrer nofollow">amendment</a> bill, citing worries of excessive authority exerted by SEC chair <a href="https://crypto.news/senator-kennedy-jr-confronts-secs-gary-gensler-on-crypto-regulation/" rel="noopener noreferrer nofollow">Gary Gensler</a>.</p> 
<p>This amendment seeks to limit the SEC’s ability to allocate taxpayer funds for digital asset enforcement efforts.</p> 
<p>Gensler’s actions negatively impact Americans’ ability to explore the potential of Bitcoin (<a href="https://crypto.news/bitcoin-price/" rel="noopener noreferrer nofollow">BTC</a>) and other cryptocurrencies, Emmer argued in a social media post. Congress, he <a href="https://twitter.com/GOPMajorityWhip/status/1700191143835705542" data-type="link" data-id="https://twitter.com/GOPMajorityWhip/status/1700191143835705542" target="_blank" rel="noopener noreferrer nofollow">says</a>, must employ proper procedures to prevent any potential misuse of taxpayer funds by the SEC. </p> 
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   <p lang="en" dir="ltr">.<a href="https://twitter.com/GaryGensler?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@GaryGensler</a> has abused his authority to grow the Administrative State to the detriment of the American people. Congress must use all our tools, including the appropriations process, to restrict Chair Gensler from further weaponizing taxpayer dollars.</p>— Tom Emmer (@GOPMajorityWhip) <a href="https://twitter.com/GOPMajorityWhip/status/1700191143835705542?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 8, 2023</a> 
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<h2 class="wp-block-heading" id="gensler-expresses-concerns-about-crypto">Gensler expresses concerns about crypto</h2> 
<p>While crypto enthusiasts may disagree with his approach to regulation, Gensler continues to <a href="https://crypto.news/us-sec-chair-says-crypto-riddled-with-fraud-and-non-compliance/" rel="noopener noreferrer nofollow">voice</a> his apprehensions about the cryptocurrency market. </p> 
<p>During a recent <a href="https://www.bloomberg.com/news/videos/2023-07-27/sec-chair-says-crypto-rife-with-fraud-hucksters-video" target="_blank" rel="noopener noreferrer nofollow">interview</a>, Gensler emphasized the prevalent problems of deceptive activities and a lack of adherence to regulations in the crypto space. These worries arise following a notable legal judgment regarding whether XRP should be classified as a security, a decision that contradicted the SEC’s previous position.</p> 
<p> You might also like: <a href="https://crypto.news/sec-cites-knotty-legal-problems-as-reason-for-appealing-ripple-ruling/" rel="noopener noreferrer nofollow"> SEC cites ‘knotty legal problems’ as reason for appealing Ripple ruling </a> </p> 
<h2 class="wp-block-heading" id="former-sec-chair-advocates-for-bitcoin-etfs">Former SEC Chair advocates for Bitcoin ETFs</h2> 
<p>Former SEC Chairman Jay Clayton, who held the position from May 2017 to December 2020, now asserts that <a href="https://crypto.news/grayscale-urges-sec-to-approve-its-spot-bitcoin-etf-filing/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> deserve approval. In a CNBC interview, Clayton acknowledged the remarkable progress made by the cryptocurrency industry, particularly in terms of institutional investment. </p> 
<p>He praised the increasing acceptance of Bitcoin by major market players and emphasized the growing trust in the sector’s regulatory safeguards.</p> 
<h2 class="wp-block-heading" id="gensler-s-crypto-regulation-challenges">Gensler’s crypto regulation challenges</h2> 
<p>The debate over the SEC’s handling of crypto regulation reached a critical point when Louisiana Republican Senator John Kennedy <a href="https://crypto.news/senator-kennedy-jr-confronts-secs-gary-gensler-on-crypto-regulation/" rel="noopener noreferrer nofollow">questioned</a> Gensler’s authority and the SEC’s competence in tackling crypto fraud during a Senate Committee hearing on July 19. This confrontation focused on FTX, a prominent crypto exchange founded by Sam Bankman-Fried.</p> 
<p>Gensler’s <a href="https://crypto.news/how-sec-chair-gary-gensler-moved-from-crypto-advisor-to-antagonist/" rel="noopener noreferrer nofollow">journey</a> through the crypto landscape has been marked by shifting stances, confrontations with industry leaders, and swirling rumors. His evolution from initially supportive positions to a more hard-line approach provides a unique perspective on his tenure as head of the SEC.</p> 
<p> You might also like: <a href="https://crypto.news/bill-to-dismiss-sec-chairman-gary-gensler-gains-support/" rel="noopener noreferrer nofollow"> Bill to dismiss SEC chairman Gary Gensler gains support </a> </p> 
<p>U.S. Congressman Warren Davidson has <a href="https://crypto.news/us-congressman-urges-genslers-sec-exit-amid-grayscale-ruling/" rel="noopener noreferrer nofollow">renewed</a> his calls for the removal of Gensler following a court ruling in favor of Grayscale. Davidson argues that this ruling further underscores the claim that Gensler’s actions at the SEC lack consistency and appear arbitrary. </p> 
<p>This recent legal defeat marks the second setback for Gensler and his team, with the previous ruling favoring Ripple in a lawsuit initiated by the SEC.</p> 
<p> Read more: <a href="https://crypto.news/lbry-to-challenge-secs-accusation-of-securities-law-violation/" rel="noopener noreferrer nofollow"> LBRY to challenge SEC’s accusation of securities law violation </a> </p>

Congressman pushes for limits on SEC crypto enforcement funds

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