Emmer claims Gensler is abusing his authority. He is working to limit the SEC’s use of taxpayer money for legal proceedings related to crypto.
Prominent figure in the US House of Representatives, Tom Emmer, stated on September 9th via a post on X (formerly known as Twitter) that Securities and Exchange Commission (SEC) Chairman Gary Gensler is abusing his authority. Emmer accused Gensler of overstepping his bounds on cryptocurrency matters, causing harm to Americans.
A known name in the crypto community, Emmer had previously expressed his concerns about the SEC’s overreaching attitudes. Emmer stated:
“Gary Gensler is misusing the growth of the bureaucratic structure to the detriment of the American people.”
Emmer suggested that Congress use all available tools to ensure Gensler does “not further arm himself with the taxpayer’s money.” To assist Congress in this endeavor, Emmer plans to propose a budget amendment that limits the SEC’s funds for crypto legal proceedings.
This amendment appears to target the Financial Services and General Government budget bill for Fiscal Year 2024. According to Emmer, this will “tie the hands” of the SEC until “clear and straightforward rules and regulations are in place.”
Ripple’s Attorney Accuses SEC of Being ‘Hypocritical’
In another news related to the SEC, Ripple’s Chief Legal Counsel, Stuart Alderoty, labeled the SEC’s recent filing regarding the Ripple case as a ‘hypocritical pivot‘.
On September 8th, the SEC submitted a petition to reinforce its interim decision. According to Alderoty, this petition contradicts the SEC’s previous claims that the rules for the crypto market are clear and must be adhered to.