Majority Whip of the U.S. House of Representatives, Tom Emmer noted on September 9 after on X (formerly Twitter) that Gary Gensler, head of the Securities and Exchange Commission (SEC), abused his authority. Emmer accused Gensler of overstepping agency boundaries in pursuing crypto enforcement and negatively impacting Americans.
Emmer is a well-known crypto ally who has expressed concerns about the SEC’s reach several times. He noticed:
“Gary Gensler has abused his authority to grow the administrative state at the expense of the American people.”
Emmer urged Congress to use all available tools to stop Gensler from “further weaponizing taxpayer dollars.” To help Congress do that, Emmer said he plans to sponsor an appropriations amendment limiting the SEC’s funding for crypto enforcement actions.
The change affects the Financial Services and Government Appropriations bill for fiscal year 2024. It will tie the SEC’s hands until there are “clear rules and regulations in place,” Emmer said.
Ripple lawyer accuses SEC of ‘hypocritical’
In related SEC news, Ripple Chief Legal Officer Stuart Alderoty called the SEC’s latest filing in the Ripple case a “hypocritical kingpin.’
On September 8, the SEC filed a motion to strengthen its summary judgment motion. According to Alderoty, the filing contradicts the SEC’s previous assertions that the rules governing the crypto market are clear and must be followed.
Alderoty commented on X:
“After years of the chairman saying that the ‘rules are clear and must be followed,’ the SEC is now calling for an urgent appeal to resolve these ‘knotty legal issues.'”
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