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 <p>The Minnesota Republican says current laws ‘are suitable to help weed out bad actors.’</p>
 <p>Tom Emmer, the Minnesota Republican who has been <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/crypto.html">crypto</a> pro advocate for years, says there is no need for Capitol Hill to <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/rewrite.html">rewrite</a> 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>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) November 22, 2023
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 <p>In an X post 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>
 <div class="cn-block-related-link"><span> You might also like: </span> Tom Emmer says Biden administration is targeting crypto
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 <p>Meanwhile, Democrats seem to be taking a different approach. Sen. Elizabeth Warren, D-Mass., took to X after the Binance <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/settlement.html">settlement</a> to double down on <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/crypto.html">crypto</a> regulation, saying law enforcement and national security officials need “additional authorities and resources to pursue money laundering” facilitated through <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/crypto.html">crypto</a>.</p>
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    <p>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) November 21, 2023
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 <p>Although politicians seem to be struggling to find the common ground on the matter, Wall Street considers the <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/settlement.html">settlement</a> as a positive outcome for the industry. According to JPMorgan analysts, Binance’s <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/settlement.html">settlement</a> stabilizes the <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/crypto.html">crypto</a> market and mitigates systemic risk.</p>
 <p>As crypto.news reported, 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>
 <div class="cn-block-related-link"><span> Read more: </span> DoJ urges judge to require Binance’s Zhao to stay in the U.S. before sentencing
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/house-gop-whip-tom-emmer-sees-no-need-to-rewrite-laws-for-crypto-following-binance-s-settlement-tbt71344.html">https://thebittimes.com/house-gop-whip-tom-emmer-sees-no-need-to-rewrite-laws-for-crypto-following-binance-s-settlement-tbt71344.html</a></p>

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

TheBitTimes

Other articles published on Nov 23, 2023

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