U.S. Rep. Tom Emmer advances appropriation amendment, saying Gary Gensler abused his power in encryption regulation

U.S. Rep. Tom Emmer is pushing an amendment targeting how the SEC uses funds. Emmer’s amendment to the Financial Services and General Government Appropriations Act, which passed the House of Representatives on a voice vote on Wednesday, would prohibit the SEC from using its budget to take enforcement actions against crypto companies until Congress passes legislation giving the SEC jurisdiction over the asset class. In remarks ahead of this week's Rules Committee hearing, Emmer blamed the SEC's "out of control" spending on Chairman Gary Gensler for perpetuating a "pattern of abusive regulation" targeting players in the digital asset space. Emmer said: “At a time when clear guidance is desperately needed, Chairman Gensler instead spends taxpayer resources praising himself for targeting celebrities like Kim Kardashian while Sam Bankman-Fried (SBF) A Ponzi scheme was being carried out right under one’s nose.” Emmer added: “The unique nature of digital assets makes it difficult to fit into any existing regulatory framework. But that does not mean that any federal bureaucracy with the most taxpayer-funded enforcement resources can regulate the space at will.” (Blockworks) According to previous news on September 9, Tom Emmer proposed an appropriation amendment that would limit the SEC’s enforcement actions against the encryption industry.