SEC’s Crypto Future: Emmer vs. Gensler on Authority & Amendment

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Alright, here’s the deal: You think you’ve got the crypto world figured out? Think again.

The SEC’s chief has been stepping on some big toes, and Congress isn’t taking it lightly.

Dive in with me and learn how the U.S. is scrambling to define the new era of digital currency. And trust me, you’re going to want to be in the know. So, keep reading and let’s unpack this drama together.

Majority whip of the U.S. House of Representatives, Tom Emmer noted in a Sept. 9 post on X (formerly Twitter) that Securities and Exchange Commission (SEC) chief Gary Gensler has misused his authority. Emmer accused Gensler of overstepping the agency’s bounds in pursuing crypto enforcement and negatively impacting Americans.

Emmer is a well-known crypto ally who has raised concerns about the SEC’s overreach several times. He noted:

“Gary Gensler has abused his authority to grow the Administrative State to the detriment of the American people.”

Emmer urged Congress to use all available tools to restrict Gensler from “further weaponizing taxpayer dollars.” To help Congress do that, Emmer said he plans to sponsor an appropriations amendment, limiting the SEC’s funding for crypto enforcement actions.

The amendment concerns the FY 2024 Financial Services and General Government appropriations bill. It will tie the SEC’s hands until “clear rules and regulations are in place,” Emmer said.

Ripple lawyer accuses SEC of being ‘hypocritical’

In related SEC news, Ripple’s chief legal officer, Stuart Alderoty, called SEC’s latest filing in the Ripple case a ‘hypocritical pivot.’

On Sept. 8, the SEC submitted a filing to reinforce its interlocutory appeal. According to Alderoty, the filing contradicts the SEC’s previous claims that the crypto market rules are clear and need to be followed.

Alderoty noted on X:

“After years of its chairman saying the “rules are clear and must be obeyed” the SEC now cries that an appeal is urgently needed to resolve these “knotty legal problems.””


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