U.S. Congressman Tom Emmer has highlighted various crypto bills that passed out of the House Committee on Financial Services this year. Among them is his appropriations amendment barring the U.S. Securities and Exchange Commission (SEC) “from using taxpayer dollars on its abusive crypto enforcement tirade until Congress passes legislation giving the SEC jurisdiction over this industry.”
Crypto Bills Greenlighted by House Financial Services Committee in 2023
U.S. Congressman Tom Emmer (R-MN) summarized the House Financial Services Committee’s achievements in 2023 on social media platform X last week. He emphasized that the committee “has moved more legislation in 2023 to boost our capital markets, welcome innovation, and hold unchecked regulators accountable than in previous years.”
The lawmaker proceeded to highlight various bills related to crypto legislation that were greenlighted by the committee during the year. “In July, we passed the Blockchain Regulatory Certainty Act out of Committee to streamline one of the largest barriers to entry in the digital asset space: money transmission regulation,” the congressman described.
Moreover, he noted that “key language” from his Securities Clarity Act was included in the Financial Innovation and Technology (FIT) for the 21st Century Act, which passed out of Committee in July, emphasizing:
This legislation lays the foundation for the Ripple decision, clarifying that a token isn’t automatically a securities contract.
“My bipartisan bill, the Securities Clarity Act, carves this concept in stone to provide the regulatory confidence needed to make sure the next iteration of the internet is designed with American values,” the lawmaker added.
In addition, his CBDC Anti-Surveillance State Act passed out of the committee in September. Rep. Emmer opined:
This is a historic step in defense against the ever-expanding government surveillance apparatus. The bill is cosponsored by 75 members of Congress.
“If not open, permissionless, and private – like cash – a CBDC [central bank digital currency] is nothing more than a CCP-style surveillance tool that can be weaponized to oppress the American way of life,” he previously explained. “We’re not going to let that happen – not on House Republicans’ watch.”
Moreover, Congressman Emmer shared: “Without opposition, in November the House passed my appropriations amendment barring the SEC from using taxpayer dollars on its abusive crypto enforcement tirade until Congress passes legislation giving the SEC jurisdiction over this industry.” The lawmaker opined:
Gary Gensler is as ineffective as he is incompetent … Congress will hold unelected bureaucrats accountable.
The congressman concluded: “This is just the beginning. In 2024, the second half of the 118th Congress, I look forward to moving these measures through the House.”
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