Tom Emmer: Gary Gensler is as ineffective as he is incompetent

Source: Coindesk

The House passed Majority Whip Tom Emmer’s latest nonpartisan appropriation amendment, further regulating the SEC and its chair Gary Gensler. “[Gary Gensler] is as ineffective as he is incompetent,” The Majority Whip said today. “Fortunately, my nonpartisan appropriations amendment to reign in SEC enforcement abuses against the digital asset industry passed the House today with no opposition.”

The 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. Rep. Tom Emmer bashes the SEC and chair Gary Gensler’s harsh enforcement of digital assets. The bill will allow Congress to continue to work to help the crypto industry grow and develop. Furthermore, Rep. Emmer criticizes Gensler and the SEC for not giving clear guidance on its decisions on digital asset regulation.

“What’s worse is the SEC doesn’t even have jurisdiction from Congress over this asset class to begin with,” Emmer adds. “Yet, the SEC has no shame in trying to expand their jurisdiction to swallow and destroy the digital assets industry through regulation by enforcement.”

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Emmer’s CBDC Anti-Surveillance State Act prohibits the Federal Reserve from issuing a CBDC directly to individuals. This ensures the Fed cannot mobilize itself into a retail bank able to collect personal financial data on Americans.