Congressman Tom Emmer, a vocal advocate for cryptocurrencies, has proposed an amendment seeking to prevent U.S. securities regulators, particularly the Securities and Exchange Commission (SEC), from utilizing government funds for cryptocurrency enforcement efforts. Emmer introduced the amendment to HR 4664, the Financial Services and General Government Appropriations Act, a component of the federal budget. The amendment, which successfully passed without opposition, prohibits the SEC from allocating funds for enforcement activities related to digital asset trading until specific legislation granting the agency jurisdiction is enacted by Congress. Although the amendment has advanced, it awaits review by the Reconciliation Committee as part of the broader House budget.
In a statement issued on November 8, Emmer suggested alternative avenues for addressing potential misconduct, proposing that the Justice Department, Treasury Department, and Treasury's Office of Foreign Assets Control could take on the responsibility of handling "future bad actors like FTX." Emmer expressed concern over SEC Chairman Gensler's use of the agency's power to pursue a political agenda, claiming it has led promising digital asset industries to move offshore. Emmer's move aligns with broader Republican efforts to reduce funding for various federal agencies.
On November 7, another Republican lawmaker, Rep. Tim Burchett, introduced an amendment to decrease SEC Chairman Gensler's salary to $1. Burchett has also proposed reducing the pay of other officials who have faced criticism from Republicans. The federal budget, including these amendments, is scheduled for review by November 17, requiring reconciliation between House and Senate proposals or temporary funding to avert a government shutdown. With Republican Jim Johnson taking office as Speaker of the House of Representatives, discussions around digital asset legislation are resuming alongside budget-related matters.
Several crypto-related bills are awaiting congressional attention, including the Financial Innovation and Technology for the 21st Century (FIT) Act, the Blockchain Regulatory Certainty Act, the Payment Stablecoins Act, and the Keep Your Coins Act. On November 7, Senator Ted Budd introduced the Keep Your Coins Act to the Senate, which had previously passed the House Financial Services Committee in July. The bill focuses on safeguarding the right to hold a self-custody wallet. Concurrently, the Wall Street Journal reported that Treasury Undersecretary Wally Adeyemo urged Congress to address the use of cryptocurrencies in funding terrorism, emphasizing the need for additional legislative tools to tackle the issue. A letter dated October 17, led by Senator Elizabeth Warren and endorsed by over 100 lawmakers, urged the Biden administration to take action against the role of cryptocurrencies in financing terrorism.
