Pro-crypto Congressman Tom Emmer has introduced an amendment to the federal budget that aims to prevent the Securities and Exchange Commission (SEC) from using government funds for crypto enforcement activities. The amendment, which has passed unopposed, states that the SEC cannot engage in enforcement related to digital asset transactions until Congress grants the agency jurisdiction to do so. Emmer suggests that other government agencies, such as the Department of Justice and the Treasury, can handle future enforcement actions. Republican lawmakers are also seeking to reduce funding across federal agencies, with Representative Tim Burchett proposing a reduction in the SEC chairman’s salary to $1. The budget, including the amendment, will need to go through a reconciliation committee before it is passed. In addition to budget-related matters, digital asset legislation is being revived, with bills such as the Financial Innovation and Technology (FIT) for the 21st Century Act and the Blockchain Regulatory Certainty Act awaiting Congressional attention. Senator Ted Budd has introduced the Keep Your Coins Act, which guarantees the right to maintain self-custody wallets, to the Senate. Meanwhile, Deputy Treasury Secretary Wally Adeyemo has urged Congress to crack down on the use of cryptocurrency for funding terrorism. Over 100 legislators have called on the Biden administration to take action against cryptocurrencies’ alleged role in terrorism financing.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Wally Adeyemo, Jim Johnson, Tim Burchett, Tom Emmer, Ted Budd |
| Companies | Senator Elizabeth Warren, FTX, Keep Your Coins Act, Department of Justice, Clarity for Payment Stablecoins Act, House Financial Services Committee, Joe Biden’s administration, House, Financial Innovation and Technology (FIT) for the 21st Century Act, Blockchain Regulatory Certainty Act, Securities and Exchange Commission, Deputy Treasury Secretary Wally Adeyemo, Securities Industry and Financial Markets Association, Senate, Treasury’s Office of Foreign Asset Control, The Wall Street Journal, Treasury, Federal Budget |
| Currencies | US Dollar |
| Securities | None |
