Pro-Crypto Congressman Proposes SEC Funding Amendment

Pro-crypto Congressman Tom Emmer is proposing an amendment to prevent the US securities regulator from using taxpayer funding to enforce crypto.

Emmer amended HR 4664, the federal budget, on Nov. 8. Unopposed, the amendment bars the Securities and Exchange Commission from utilizing funds for digital asset transaction enforcement unless Congress grants it jurisdiction.

The amendment has advanced, but the House’s budget with it must be reconciled before passing. Emmer said on Nov. 8 that the Justice Department, Treasury, and OFAC can tackle “future bad actors like FTX.”

“SEC 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.”

Republican lawmakers want to cut federal agency spending. Representative Tim Burchett proposed a $1 SEC chairman compensation amendment on Nov. 7, targeting Gensler and others.

Burchett also suggested lowering the pay of GOP-panned officials. To avoid a government shutdown, the House and Senate must reconcile or agree on interim funding by Nov. 17.

With Republican Jim Johnson as House speaker, digital asset legislation and federal budget issues are being reintroduced.

Crypto-related proposals before Congress include 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.

After passing the House Financial Services Committee in July, Senator Ted Budd brought the Keep Your Coins Act, which guarantees self-custody wallets, to the Senate on Nov. 7.

The same day, The Wall Street Journal reported that Deputy Treasury Secretary Wally Adeyemo urged Congress to crack down on cryptocurrency fueling terrorism.

“Congress should act in some areas. At the Securities Industry and Financial Markets Association annual gathering, he said he would work with Congress to gain new tools.

In an Oct. 17 letter sponsored by Senator Elizabeth Warren, over 100 politicians urged Joe Biden to address cryptocurrencies’ alleged role in terrorism financing.