In Case You Missed It, Jesse Hamilton at Coindesk published a report on the appropriations rider that passed the U.S. House yesterday. The amendment pushes back on the SEC’s regulatory overreach by prohibiting the SEC from using federal funding for enforcement actions against digital asset transactions. Blockchain Innovation Project (BIP) worked closely with House Majority Whip Emmer and his staff to shape this legislation.
U.S. House’s Spending Bill Aims to Hamstring SEC’s Gensler Amid His Crypto Crackdown
Lawmakers agreed to an amendment from Tom Emmer, a senior House member and vocal crypto supporter, to insert an SEC-blocking provision in their government spending plan.
By Jesse Hamilton, Coindesk
As the U.S. House of Representatives weighs legislation on next year’s spending, a provision was added on Wednesday that would deprive funding from U.S. Securities and Exchange Commission (SEC) enforcement actions against crypto businesses.
The move – authored by Majority Whip Tom Emmer (R-Minn.), one of the industry’s closest allies on Capitol Hill – was targeted at SEC Chair Gary Gensler, who Emmer criticized Wednesday as trying to steer the crypto industry with enforcement actions rather than policy.
The House appropriations bill – known as Financial Services and General Government Appropriations Act of 2024 – was revised by several amendments on Wednesday, including this one from Emmer. It was among more than 100 amendments proposed for the bill, and members approved it in a voice vote.
“My amendment prohibits the SEC from using funds for enforcement activities related to digital asset transactions until Congress passes legislation that gives the SEC jurisdiction over this asset class,” said Emmer, who was briefly considered by his colleagues recently for the House speaker role, in his floor statement on the amendment. “This will keep Chair Gensler – who has proven himself to be ineffective and incompetent – in check while Congress continues working to give this industry a chance to grow and develop right here in the United States.”
“Now the Senate must continue working towards a common sense, bipartisan solution that allows blockchain technology to thrive while protecting American consumers and investors,” said former Reps. David McIntosh and Tim Ryan, who are co-chairs of the Blockchain Innovation Project and said they aided in Emmer’s amendment.