Pro-Crypto Congressman Tom EmmerHe stated that the Financial Stability Oversight Council (FSOC) failed to represent Americans when it comes to crypto, it needs major reforms.
Congressman Tom Emmer, one of the most famous advocates for creating clear and appropriate regulatory designs for blockchain and cryptocurrencies in the US, said: Blames the FSOC for losing independence!
Emmer is a member of the US Financial Stability Oversight Council, or FSOC, chaired by anti-crypto Janet Yellen. should be under congressional supervision.He was on Twitter to highlight the
The future of crypto, web3, and the “ownership economy,” cannot and must not be dictated by any entity that is supposed to be independent, but instead takes its cues from a political agenda. 🧵 pic.twitter.com/VKZA1OpfTa
— Tom Emmer (@RepTomEmmer) May 12, 2022
On the FSOC agenda of discussions about cryptocurrency regulation “transparencyEmmer claimed that the FSOC could be used by politicians to circumvent legitimate procedures in this debate.
Reminds Yellen of Her Duty!
Secretary Yellen chairs the Financial Stability Oversight Council (FSOC), an independent council of regulators tasked with identifying financial stability risks and aligning regulatory frameworks around these systemic risks.
said Emmer,
The future of crypto, web3, and the ownership economy cannot and should not be dictated by any entity that should be independent.
He made his stance on the subject clear.
“The future of crypto will be decided by the American people, not bureaucrats”
The Financial Markets Working Group (PWG) is still pushing Congress to pass regulations on stablecoins, but Congress still hasn’t come to a consensus. At this point, Emmer said, “The future of crypto will be decided by the American people, not bureaucrats.” says.