According to CoinDesk: The US House of Representatives has agreed on an amendment in their government spending plan that could limit financial resources for the US Securities and Exchange Commission (SEC) to enforce actions against cryptocurrency businesses.
Majority Whip, Tom Emmer (R-Minn.), a leading House member and an active supporter of cryptocurrency, introduced the amendment. Emmer accused SEC Chair, Gary Gensler, of attempting to direct the cryptocurrency sector through enforcement actions instead of policy-making.
On Wednesday, the House appropriations bill, also known as the Financial Services and General Government Appropriations Act of 2024, was revised by several amendments, including Emmer's provision.
The amendment, Emmer argued, will prevent the SEC from utilizing funds for enforcement activities related to digital asset transactions until Congress adopts legislation granting the SEC jurisdiction over digital assets. This move aims to keep Gensler, who Emmer referred to as ineffective and incompetent, in check while Congress works to enable industry growth within the United States.
However, any House funding catch-all package also needs approval from the Senate, where Democrats tend to be more supportive of Gensler. Senate Banking Committee Chairman Sherrod Brown (D-Ohio) and others have actively endorsed Gensler's approach towards enforcement actions against crypto firms.
The Blockchain Innovation Project's co-chairs, former Reps. David McIntosh and Tim Ryan, assisted with Emmer's amendment and stressed the need for a bipartisan solution that allows blockchain technology to flourish while protecting American consumers and investors.
Gensler affirmed on Wednesday that his agency has initiated nearly 150 actions against crypto firms, a record he is proud of.
