Congressman Tom Emmer says he’s backing plans to create an amendment that would restrict the amount of funds that the U.S. Securities and Exchange Commission (SEC) spends on regulating digital assets.
The majority whip of the U.S. House of Representatives tells his followers on social media platform X that SEC Chair Gary Gensler has overstepped his power and is “weaponizing” tax dollars with the regulator’s enforcement actions.
Emmer says he wants to sponsor an appropriations amendment that would tamper the flow of tax money funding crypto enforcement actions.
“Gary Gensler has abused his authority to grow the Administrative State to the detriment of the American people. Congress must use all our tools, including the appropriations process, to restrict Chair Gensler from further weaponizing taxpayer dollars.
That is why I’m planning to sponsor an appropriations amendment that restricts the SEC’s use of funds on digital asset enforcement until there are clear rules and regulations in place.”
Emmer, a crypto supporter, said earlier this year in an interview with Laura Shin that crypto shouldn’t be a partisan issue.
He calls crypto-skeptical Senator Elizabeth Warren (D-Massachusetts) a “control-freak senator.”
“Elizabeth Warren, she may not love central banks, but she does love the design. I believe that she ultimately wants banks to be a utility, a government utility, and not privately owned.
But that part aside, she desperately wants to hold on to the centralization and control that comes with central banking. And while I’m not opposed to central banking – I think it does serve an important function and we’re always going to have the traditional, in my mind, a two-tier banking system that we’ve become accustomed to – it’s going to have to evolve into the 21st Century.
And when you talk about digital assets and crypto, they can’t stop it. If China can’t stop it when they outlawed all mining, which they haven’t been able to completely accomplish, what do you think the country that still practices freedom is going to do?”
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