Saturday, July 20, 2024

Representative Tom Emmer of the United States has recently brought attention to several cryptocurrency-related bills that have been approved by the House Committee on Financial Services this year. A notable inclusion is his amendment concerning appropriations, which restricts the U.S. Securities and Exchange Commission (SEC) from utilizing public funds for its aggressive enforcement actions in the cryptocurrency sector until specific legislative authority is granted to the SEC in this domain.

2023 Developments in Cryptocurrency Legislation by House Financial Services Committee

In a recent post on social media platform X, U.S. Congressman Tom Emmer (R-MN) outlined the progress made by the House Financial Services Committee in 2023. He underscored the committee’s unprecedented efforts in advancing legislation to enhance capital markets, foster innovation, and impose checks on regulatory bodies.

Emmer drew attention to several crypto-related bills that the committee approved this year. He mentioned, “This July, the Blockchain Regulatory Certainty Act was advanced by the committee, aiming to simplify complex regulations around money transmission in the digital asset sector.”

Furthermore, Emmer noted that essential elements from his Securities Clarity Act were incorporated into the Financial Innovation and Technology (FIT) for the 21st Century Act, which also cleared the committee in July. He emphasized:

This act establishes a foundation for the upcoming Ripple decision, making it clear that owning a token does not inherently involve a securities contract.

He added, “The bipartisan Securities Clarity Act, which I proposed, solidifies this principle, ensuring regulatory certainty necessary for the next phase of internet innovation, grounded in American values.”

Additionally, Emmer’s Central Bank Digital Currency (CBDC) Anti-Surveillance State Act was passed by the committee in September. Emmer stated:

This marks a significant milestone in combating the growing government surveillance. The bill has garnered the support of 75 congressional members.

He previously asserted, “A CBDC must be open, permissionless, and private like cash; otherwise, it’s merely a surveillance tool akin to those used by the CCP, which could be misused to undermine American freedoms. We, the House Republicans, are committed to preventing such outcomes.”

Moreover, Emmer revealed, “In November, the House unanimously approved my amendment to prevent the SEC from spending public funds on its overzealous enforcement in the crypto space until proper legislative authority is provided.” He criticized:

Gary Gensler’s leadership at the SEC has been both ineffective and incompetent… We in Congress are dedicated to keeping unelected officials in check.

Emmer concluded his remarks by stating, “This is just the start. In the upcoming year 2024, the latter half of the 118th Congress, I anticipate advancing these initiatives through the House.”

We invite your thoughts on the crypto legislation approved by the House Financial Services Committee. Share your opinions in the comments section below.

Frequently Asked Questions (FAQs) about Crypto Legislation 2023

What did U.S. Congressman Tom Emmer highlight regarding crypto bills in 2023?

U.S. Congressman Tom Emmer brought attention to several cryptocurrency-related bills approved by the House Committee on Financial Services in 2023. These include his amendment restricting the SEC from using public funds for crypto enforcement without legislative jurisdiction, and various measures to simplify crypto regulations and safeguard privacy in digital currencies.

What is the significance of the Blockchain Regulatory Certainty Act?

The Blockchain Regulatory Certainty Act, passed in July 2023, aims to streamline money transmission regulations in the digital asset space. This act is intended to lower barriers to entry and foster innovation in the cryptocurrency industry.

How does the Securities Clarity Act impact the crypto industry?

The Securities Clarity Act, a bipartisan bill introduced by Congressman Emmer, clarifies that owning a digital token does not automatically involve a securities contract. This act is designed to provide regulatory clarity and encourage the growth of internet innovations aligned with American values.

What is the purpose of the CBDC Anti-Surveillance State Act?

The CBDC Anti-Surveillance State Act, passed in September 2023, is aimed at preventing government overreach and surveillance through central bank digital currencies (CBDCs). It insists that a CBDC must be open, permissionless, and private, similar to cash, to protect American freedoms.

What criticism did Congressman Emmer levy against the SEC?

Congressman Emmer criticized SEC Chairman Gary Gensler for what he perceives as ineffective and incompetent leadership. He emphasized the need for congressional oversight to hold unelected bureaucrats accountable, particularly in the realm of cryptocurrency regulation.

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5 comments

MarketMike December 26, 2023 - 9:44 pm

This is a step in the right direction but let’s not get too excited yet. There’s a long road ahead for crypto legislation.

Reply
FinanceFrank December 27, 2023 - 2:06 am

gotta admit, emmer’s really pushing for change, but will it be enough? the SEC’s not gonna back down easy…

Reply
EconEddie December 27, 2023 - 2:47 am

Not sure how this’ll play out, but Emmer’s making waves for sure. Can he really take on the SEC though? Seems like a big task.

Reply
BlockchainBob December 27, 2023 - 7:16 am

Interesting stuff but what about the smaller players in the crypto space? They need more support too.

Reply
CryptoKaren December 27, 2023 - 3:35 pm

wow, this is huge news! glad to see some action being taken on crypto, its about time we get some clear rules around here.

Reply

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