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<p class="is-style-lead">The Minnesota Republican says current laws ‘are suitable to help weed out bad actors.’</p>
<p><a href="https://crypto.news/tag/tom-emmer/" target="_blank" rel="noopener noreferrer nofollow">Tom Emmer</a>, the Minnesota Republican who has been crypto pro advocate for years, says there is no need for Capitol Hill to rewrite existing laws trying to clamp down on digital currencies as enforcement action is still enough to “weed out bad actors.”</p>
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   <p lang="en" dir="ltr">Congress does not need to rewrite laws that work in the crypto space. Yesterday’s successful prosecution shows that when enforced, current laws are suitable to help weed out bad actors.</p>— Tom Emmer (@GOPMajorityWhip) <a href="https://twitter.com/GOPMajorityWhip/status/1727326527186993440?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 22, 2023</a>
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<p>In <a href="https://x.com/GOPMajorityWhip/status/1727326527186993440?s=20" target="_blank" rel="noopener noreferrer nofollow">an X post</a> on Nov. 22, Emmer said that Binance’s $4.3 billion settlement with the U.S. Department of Justice “shows that when enforced, current laws are suitable to help weed out bad actors.” The politician went on to say that congressional resources “should instead be spent working to bring more crypto activity and opportunities onshore to bolster U.S. national security.”</p>
<p>You might also like: <a href="https://crypto.news/tom-emmer-says-biden-administration-is-targeting-crypto/" rel="noopener noreferrer nofollow"> Tom Emmer says Biden administration is targeting crypto </a></p>
<p>Meanwhile, Democrats seem to be taking a different approach. Sen. Elizabeth Warren, D-Mass., <a href="https://x.com/SenWarren/status/1727075454258180374?s=20" target="_blank" rel="noopener noreferrer nofollow">took to X</a> after the Binance settlement to double down on crypto regulation, saying law enforcement and national security officials need “additional authorities and resources to pursue money laundering” facilitated through crypto.</p>
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   <p lang="en" dir="ltr">Law enforcement and national security officials need&nbsp;additional authorities and resources to pursue money laundering, sanctions evasion, &amp; criminal activity&nbsp;facilitated through crypto. I’ll keep working to pass bipartisan legislation to address this serious and dangerous problem.</p>— Elizabeth Warren (@SenWarren) <a href="https://twitter.com/SenWarren/status/1727075456082756090?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 21, 2023</a>
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<p>Although politicians seem to be struggling to find the common ground on the matter, Wall Street considers the settlement as a positive outcome for the industry. According to JPMorgan analysts, Binance’s settlement stabilizes the crypto market and mitigates systemic risk.</p>
<p>As crypto.news <a href="https://crypto.news/jpmorgan-sees-binance-settlement-as-positive-development-for-crypto-industry/" target="_blank" rel="noopener noreferrer nofollow">reported</a>, the resolution is seen as particularly advantageous for Binance’s operations and its BNB Smart Chain business. JPMorgan analysts emphasize that the settlement brings much-needed clarity, reducing uncertainty surrounding Binance, and that it is not only a relief for the exchange itself but also for the broader crypto market.&nbsp;</p>
<p>Read more: <a href="https://crypto.news/doj-urges-judge-to-require-binances-zhao-to-stay-in-the-u-s-before-sentencing/" rel="noopener noreferrer nofollow"> DoJ urges judge to require Binance’s Zhao to stay in the U.S. before sentencing </a></p>

House GOP whip Tom Emmer sees no need to rewrite laws for crypto following Binance’s settlement

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