US Senator supports an amendment to prohibit SEC’s crypto enforcement action

Tom Emmer sponsored an amendment to prohibit the American securities regulatory body’s “regulatory action against the crypto sector”.

Thomas Earl Emmer Jr. is a 62-year-old American attorney and politician serving as the House Majority Whip since 2023 and the U.S. representative for Minnesota’s 6th congressional district since 2015. In the past, he passed several statements to support the crypto & blockchain sector at high-level government hearings. 

On 8 Sep 2023, United States Representative Tom Emmer confirmed that he sponsored an amendment to stop the United States Securities and Exchange Commission (SEC) from using the agency’s funds for enforcement action against companies until clear & proper laws come for the crypto market in the US jurisdiction.

According to Emmer, the US SEC’s body took several enforcement actions against the crypto companies in the absence of rules. In short, the SEC body misused the taxpayer’s money as a weapon against the crypto sector.

Earlier in March of this year, Emmer introduced a bill called the “Blockchain Regulatory Certainty Act” to bring clarity that blockchain developers and service providers should not consider money transmitters as neither of these two players holds customers’ funds.

SEC & Crypto 

In the past several years the US SEC sued several crypto companies and in the majority of the cases either companies settled the case by paying a penalty or did fight against the charges in the court cases, in the majority of the cases SEC body secured regulatory win.

In this year the number of crypto companies that scored a win against the SEC’s charges surged rapidly. In the latest, the Grayscale fund manager won the case against SEC, and before that Ripple security victory against the SEC’s allegations.

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