This article has been republished with permission from Binance News.
According to Cointelegraph: On Sept. 8, U.S. Representative Tom Emmer sponsored an appropriations amendment aimed at limiting the Securities and Exchange Commission’s (SEC) use of funds for digital asset enforcement until comprehensive rules and regulations are established. Emmer criticized SEC Chair Gary Gensler for overstepping his authority, causing negative impacts on the American people. He urged Congress to use its available methods to prevent any potential misuse of taxpayer funds by Gensler and the SEC.
The amendment intends to address concerns about the SEC’s considerable costs in legal disputes with multiple crypto entities, potentially “weaponizing” taxpayer funds, as Emmer claims. Furthermore, Emmer introduced the Blockchain Regulatory Certainty Act to clarify that blockchain developers and service providers are not considered money transmitters since they do not hold consumer funds in custody. The bill relieves non-custody providers from unnecessary compliance burdens that could stifle innovation in the US.
Key figures in the blockchain sector, such as Blockchain Association CEO Kristin Smith and Crypto Council CEO Sheila Warren, have shown support for Emmer’s proposed legislation. Emmer also supports Representative Warren Davidson’s SEC Stabilization Act, which aims to remove Gensler from his role as SEC chair.