Rep. Tom Emmer says Gensler “abused his authority,” backs amendment to limit SEC’s crypto reach Rep. Tom Emmer says Gensler “abused his authority,” backs amendment to limit SEC’s crypto reach
Emmer is working to restrict the SEC's use of taxpayer funds to pursue crypto enforcement actions until clear rules are in place.
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Updated: Sep. 9, 2023 at 6:40 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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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Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.
Thomas Emmer, an American attorney and seasoned politician, has represented Minnesota’s 6th congressional district in the U.S.