United States lawmaker and House Majority Whip Tom Emmer plans to sponsor a new bill imposing new restrictions on the Securities and Exchange Commission (SEC). The initiative follows the financial regulator’s efforts to bring the crypto industry into compliance.
In a September 8 post on X (formerly Twitter), Emmer said the new bill would limit how Gary Gensler can weaponize taxpayers’ dollars against the emerging industry.
The New Bill Against the US SEC
The Emmer-sponsored appropriations amendment bill will restrict the SEC’s use of funding to bring enforcement cases against the crypto industry. Politico reported that this would tie the regulator’s hands until “clear rules and regulations” are in place.
“Gary Gensler abused his authority to grow the Administrative State to the detriment of the American people. Congress must use all our tools, including the appropriations process, to restrict Chair Gensler,” Emmer said.
It is worth noting that Emmer did not provide details of when the bill would be submitted to Congress.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Earlier this year, Gensler
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Author: Oluwapelumi Adejumo
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