Lawmaker Tom Emmer Labels Gary Gensler ''Incompetent'' As Amendment To Rein In SEC Is Passed Unanimously

Lawmaker Tom Emmer Labels Gary Gensler ”Incompetent” As Amendment To Rein In SEC Is Passed Unanimously

Updated: 09 November 2023

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An amendment aimed at curbing the U.S. Securities and Exchange Commission’s (SEC) enforcement overreach within the cryptocurrency sector has been unanimously passed in the House.

The amendment was pushed by U.S. Republican House Majority Whip Tom Emmer.

“@GaryGensler is as ineffective as he is incompetent,” Emmer tweeted. “My amendment prohibits the SEC from using taxpayer-funded resources to pursue enforcement actions against the digital asset industry until Congress passes legislation that authorizes regulatory enforcement jurisdiction. Congress will hold unelected bureaucrats accountable.”

Emmer Says SEC Regime is Overbearing

The inclusion of the amendment is still subject to potential revisions during the reconciliation process.

Emmer has long been a critic of the SEC’s approach towards the cryptocurrency sector under Chair Gary Gensler.

The Congressman also shared his concerns that the Gensler regime’s overbearing actions could force innovation and investment opportunities within the digital asset industry to move to offshore locations.

.@GaryGensler is as ineffective as he is incompetent. Fortunately, my nonpartisan appropriations amendment to reign in SEC enforcement abuses against the digital asset industry passed the House today with no opposition.

Congress will hold unelected bureaucrats accountable. pic.twitter.com/TGaaW8I0Eu

— Tom Emmer (@GOPMajorityWhip) November 8, 2023

In a statement issued yesterday, he stated that the SEC should no longer take charge of any potential wrongdoings in the cryptocurrency space. He instead proposed that the Treasury’s Office of Foreign Asset Control fulfill this function.

U.S. Republican Party Pushes To Reduce Agencies’ Budgets

This latest amendment forms part of the overall effort by Republican lawmakers to reduce funding across federal agencies.

Another notable proposal to the budget was put forward by representative Tim Burchett, who requested that Gensler’s salary be slashed to just $1. Burchett also targeted other officials who have drawn criticism from the Republican Party.

The House and the Senate proposals will undergo reconciliation to try and prevent a government shutdown. This period will also provide digital asset legislation an opportunity to gain traction, while Republican Jim Johnson assumes the role of House speaker.