US Republican House Majority Whip Tom Emmer has introduced an appropriation amendment aimed at curbing the power of Securities and Exchange Commission (SEC) Chair Gary Gensler. Emmer criticizes Gensler’s anti-crypto stance, accusing him of regulatory abuse that stifles American innovation and capital formation. The amendment, which was unanimously passed by the US House of Representatives, seeks to limit the SEC’s jurisdiction over digital assets. Emmer argues that Gensler’s actions have driven some companies overseas, harming the US economy. He also criticizes Gensler for pursuing enforcement actions against the crypto industry without providing clear rules or guidelines. Emmer accuses Gensler of misusing public funds and prioritizing high-profile cases over addressing fraud within the industry. He specifically mentions Gensler’s pursuit of celebrities like Kim Kardashian while failing to address the Ponzi scheme run by Sam Bankman-Fried. Emmer also criticizes Gensler’s actions against Ripple Labs and its executives, alleging extra-jurisdictional enforcement. The SEC dropped its lawsuit against Ripple Labs CEO Brad Garlinghouse and Executive Chairman Chris Larsen last month. Emmer’s amendment aims to give the crypto industry room to grow while holding Gensler accountable. This move comes after several US lawmakers, including Emmer, demanded that Gensler approve a Bitcoin ETF and raised concerns about possible discrimination by the SEC against the industry.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	Gary Gensler, Kim Kardashian, Tom Emmer, Caroline Ellison, Sam Bankman-Fried
Companies	FTX, Coinbase, US House of Representatives, SEC, Ripple Labs
Currencies	XRP
Securities	None