Congressman Tom Emmer wants SEC and Gensler restrained from weaponizing taxpayer Dollars against crypto

• Majority Whip Tom Emmer plans to sponsor an amendment that will restrict how the US SEC uses funds.
• The politician accuses the commission and its chair, Gary Gensler, of weaponizing taxpayer money in the clampdown against crypto.
• Emmer calls this abuse of power intended to grow Gensler’s administrative state at the expense of the American people.

Congressman Tom Emmer of the Republican Party has expressed intention to charge against the US Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, for abuse of power performed at the expense of the American people.

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Congress Emmer calls  SEC Chair on abuse of power

Congressman Tom Emmer has revealed plans to push for regulatory action against the US SEC. Specifically, he wants to “sponsor an appropriations amendment” that will control how the commission uses funds in its enforcement action against digital assets.

The Congressman’s charge is not against the commission alone but its chair as well, Gary Gensler, who, in his opinion, is abusing his mandate.

Gary Gensler has abused his authority to grow the Administrative State to the detriment of the American people.

With this, Emmer, also the Majority Whip, wants Congress to use all the tools at its disposal to “restrict Chair Gensler from weaponizing taxpayer Dollars further.” Among the tools in mind include the appropriation process contained under the FY 2024 Financial Services and General Government bill. This amendment would be part of a funding bill for the SEC.

Congressman Emmer wants the SEC and its Chair restrained until clear rules and regulations are in place. If the proposal prevails, it would tie the commission’s hands until the said clarity is achieved.

Republicans standing up for crypto

Tom Emmer is among the Republicans in the pro-crypto camp, fighting the same war as SEC commissioner Hester Pierce, alias Crypto Mom. On the Democrat side of the political divide, there is Congressman Ritchie Torres, who recently called out Gensler for crypto assault, asking him to comply with the recent court determination by Judge Analisa Torres after Ripple’s partial victory.

Recently, former SEC commissioner John Reed Stark highlighted how a new regime, powered by a Republican president taking the presidency after the 2024 elections, would bode well for crypto.

According to Stark, the regulatory atmosphere in the crypto sphere could shift massively after the US presidential elections, acknowledging that with a Republican taking the highest office in government, even Bitcoin Spot Exchange-Traded Funds (ETFs) would have a better chance.

According to Stark, other perks that could present under a Republican administration include the partial or complete elimination of crypto-related enforcement, with efforts potentially redirected towards fraud as opposed to registration violations. In his words, there would be “greater openness to take other significant regulatory actions in favor of crypto.”

 

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