Amendment to Prohibit SEC Enforcement Actions: The amendment introduced by Republican House Majority Whip Tom Emmer prohibits the SEC from using taxpayer-funded resources to pursue enforcement actions against the digital asset industry.
Nonpartisan Support: Emmer’s amendment received support from both parties with no opposition as it passed the House today.
Call for Congressional Legislation: The amendment highlights the need for Congress to pass legislation that authorizes regulatory enforcement jurisdiction before the SEC can take action against the digital asset industry.
A recent amendment to the House appropriations bill has sparked controversy in the crypto community. Proposed by Rep. Tom Emmer (R-Minn.), the amendment prohibits the Securities and Exchange Commission (SEC) from using funds for enforcement activities related to digital asset transactions until Congress passes legislation that grants the SEC jurisdiction over this asset class. Emmer cited concerns about the effectiveness and competence of SEC chair Gary Gensler and argued that Congress should have a chance to foster growth in the crypto industry before the SEC takes enforcement action.