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House Approves Amendment to Limit SEC’s Crypto Enforcement Authority

House Approves Amendment to Limit SEC's Crypto Enforcement Authority

The U.S. House of Representatives has approved an amendment to the Financial Services and General Government Appropriations Act that limits the authority of the U.S. Securities and Exchange Commission (SEC) to carry out enforcement actions against the crypto industry. “Gary Gensler is as ineffective as he is incompetent,” said Congressman Tom Emmer. “Congress will hold unelected bureaucrats accountable.”

House Passes Amendment to Rein in ‘SEC Enforcement Abuses’ Against Crypto Industry

The U.S. House of Representatives approved an amendment by Congressman Tom Emmer (R-MN) to limit the authority of the U.S. Securities and Exchange Commission (SEC) on Wednesday. Emmer’s amendment to HR 4664, the Financial Services and General Government Appropriations Act of 2024, “Ensures none of the funds made available by this Act may be used by the Securities and Exchange Commission to carry out an enforcement action related to a crypto asset transaction.”

The congressman explained on social media platform X Wednesday: “My amendment prohibits the SEC from using taxpayer-funded resources to pursue enforcement actions against the digital asset industry until Congress passes legislation that authorizes regulatory enforcement jurisdiction.” Criticizing SEC Chairman Gary Gensler, the lawmaker wrote:

Gary Gensler is as ineffective as he is incompetent. Fortunately, my nonpartisan appropriations amendment to reign in SEC enforcement abuses against the digital asset industry passed the House today with no opposition. Congress will hold unelected bureaucrats accountable.

Two other crypto-related amendments to the Financial Services and General Government Appropriations Act of 2024 were also adopted on Wednesday.

One was an amendment by Congressman Warren Davidson (R-OH) that “Ensures no funds may be used by the Department of the Treasury to design or develop a central bank digital currency, or establish a United States central bank digital currency as legal tender.” The other amendment was by Congressman Alex Mooney (R-WV) which “Prohibits funding for the CBDC (Central Bank Digital Currency) Working Group led by the Department of Treasury.”

Several U.S. lawmakers have criticized Gensler for his enforcement-centric approach to regulating the crypto industry. Congressman Davidson has introduced legislation to remove Gensler as the chair of the SEC. Emmer slammed Gensler in September, stating: “It’s clear that you are working to consolidate your own power even though it means crushing opportunities for everyday Americans and frankly the financial future of this country.”

What do you think about the amendment to restrict the SEC’s authority in enforcing actions against the crypto industry? Let us know in the comments section below.

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