Congress Clamps Down on SEC Enforcement in Crypto Sector with New Amendment
The U.S. House of Representatives has greenlit an amendment to the Financial Services and General Government Appropriations Act, curtailing the authority of the U.S. Securities and Exchange Commission (SEC) in enforcing actions against the crypto industry.
Congressman Tom Emmer, critical of SEC Chairman Gary Gensler, stated on social media, “My amendment prohibits the SEC from using taxpayer-funded resources to pursue enforcement actions against the digital asset industry until Congress passes legislation that authorizes regulatory enforcement jurisdiction.” Emmer emphasized the need to hold unelected bureaucrats accountable, characterizing Gensler as “ineffective” and “incompetent.”
The House also adopted two other crypto-related amendments, one preventing the Treasury Department from developing a central bank digital currency, introduced by Congressman Warren Davidson, and another prohibiting funding for the CBDC Working Group led by the Department of Treasury, introduced by Congressman Alex Mooney. The moves come amid broader criticism of Gensler’s enforcement-centric approach to crypto industry regulation, with some lawmakers, including Davidson, seeking Gensler’s removal as SEC chair.
Clever Robot News Desk 11th November 202
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