US House of Representatives Member Tom Emmer wants to stop the SEC’s pressure on the cryptocurrency industry.
Councilman Emmer calls Securities and Exchange Commission Chairman Gary Gensler. “unworthy as well as unsuccessful” He criticized it for being so and suggested a change in the law.
In the amendment brought forward by Emmer, the SEC until Congress clearly defines its jurisdiction. sanctions against the cryptocurrency industry blocking It is recommended.
Emmer made the following statements at yesterday’s Congressional hearing regarding the SEC’s policies:
“In this administration regulate through enforcement method has become very widespread. I especially want to see this as the SEC and Chairman Gary Gensler’s commitment to our capital markets, our financial services industry, but especially our emerging markets. to our digital asset community We can see it in his attitude towards it. “The purpose of the amendment I am introducing is to end Chairman Gensler’s regulatory abuses that stifle American innovation in a way that does not hinder our ability to catch fraudsters.”
“To elaborate, this amendment means that unless Congress passes legislation giving the SEC powers related to this asset class, the SEC use its budget to impose sanctions on digital asset transactions It prohibits. This will keep President Gensler, who has proven himself unsuccessful and unqualified, in line while Congress tries to create an opportunity for this industry to grow in the United States.”
Congressman says SEC’s crackdown on cryptocurrency companies did not guide Reminding that he went after Coinbase even though it was not, “How will this industry adapt if there are no rules or guidelines to follow?” he asked the question.
SEC under Gensler FTX and Terra/Luna Emphasizing that he could not prevent these cases, Emmer emphasized that cryptocurrencies do not fall under the jurisdiction of the SEC and made the following criticism:
“At a time when (the industry) clearly needed guidance, Chairman Gensler spent taxpayer money targeting celebrities like Kim Kardashian while Sam Bankman-Fried ran a Ponzi scheme under his watchful eye.”
The amendment, which passed the Parliament without objection, is expected to be transferred to the Senate for consideration. The Senate can accept the amendment as is, propose different amendments, or approve a different version.