Pro-crypto Congressman Tom Emmer is advancing an amendment aimed at depriving the United States securities regulator from using government funds to go after crypto enforcement.<\/p>\n
On Nov. 8, Emmer attached an amendment to HR 4664 \u2014 the Financial Services and General Government Appropriations Act, or federal budget. <\/p>\n
The amendment, which has passed unopposed, prohibits the Securities and Exchange Commission from using funds for enforcement activities related to digital asset transactions until Congress passes future legislation granting the agency jurisdiction to do so.<\/p>\n
While the amendment has advanced, the House\u2019s budget where it\u2019s included will need to still face a reconciliation committee before it\u2019s passed. <\/p>\n
In a Nov. 8 statement, Emmer suggested the Department of Justice, the Treasury and the Treasury\u2019s Office of Foreign Asset Control can handle \u201cfuture bad actors like FTX.\u201d<\/p>\n
\u201cSEC Chair Gensler cannot continue to abuse the powers of his agency to fulfill a political agenda of driving the new and promising digital asset industry offshore.\u201d<\/p><\/blockquote>\n
Republican lawmakers are trying to reduce funding across all federal agencies.<\/p>\n
On Nov. 7, Representative Tim Burchett took a swing at Gensler and others by proposing an amendment that would reduce the SEC chairman\u2019s salary to $1. Burchett also proposed cutting the salaries of other officials who have drawn the GOP\u2019s ire. <\/p>\n
The budget expires on Nov. 17, when the House and Senate proposals must be reconciled or temporary funding approved to avoid a government shutdown.<\/p>\n
Related: <\/em><\/strong>Ripple\u2019s legal chief questions SEC case losses under Gensler<\/em><\/strong><\/p>\nWith Republican Jim Johnson installed as the House speaker, digital asset legislation is also being revived in addition to Federal Budget-related matters.<\/p>\n
Among the crypto-related bills awaiting Congressional attention are the Financial Innovation and Technology (FIT) for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act and the Keep Your Coins Act. <\/p>\n
On Nov. 7, Senator Ted Budd introduced the Keep Your Coins Act \u2014 guaranteeing the right to maintain self-custody wallets \u2014 to the Senate after it passed the House Financial Services Committee in July.<\/p>\n
The same day, The Wall Street Journal reported Deputy Treasury Secretary Wally Adeyemo urged Congress to crack down on the use of cryptocurrency for funding terrorism.<\/p>\n
\u201cThere are places where we think Congress needs to act. We\u2019re going to work with Congress to get more tools,\u201d he said at the annual meeting of the Securities Industry and Financial Markets Association.<\/p>\n
Over 100 legislators called on Joe Biden\u2019s administration to act against cryptocurrencies\u2019 purported role in terrorism financing in an Oct. 17 letter spearheaded by Senator Elizabeth Warren.<\/p>\n
Magazine: <\/em><\/strong>US gov\u2019t messed up my $250K Bitcoin price prediction: Tim Draper, Hall of Flame<\/em><\/strong><\/p>\nSource: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Pro-crypto Congressman Tom Emmer is advancing an amendment aimed at depriving the United States securities…<\/p>\n","protected":false},"author":4,"featured_media":195706,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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