[NEW] U.S. House of Representatives introduces bill to protect cryptocurrency industry from SEC

On the 8th, Tom Emmer (Republican), a US Representative who is known for his support of cryptocurrencies, strongly criticized SEC (Securities and Exchange Commission) Chairman Gary Gensler as "useless and incompetent" and introduced a bill to "curb the agency's enforcement abuses" against the cryptocurrency industry.

Emmer leads the "Blockchain Caucus" and is in favor of cryptocurrencies. He is urging Congress to relax regulations on cryptocurrencies.

The bipartisan bill passed the House of Representatives without opposition on the 9th. It aims to prevent the SEC from using funds to enforce regulations on cryptocurrencies until Congress defines the scope of regulations.

Emmer's efforts reflect growing concerns about the SEC's implementation of "regulation by enforcement." This approach seeks to change the SEC's attitude of stifling innovation.

"Enforcement regulation is an all-too-common practice in this administration," Emmer said in a Congressional address on the 9th, "and is evident in the SEC and Chairman Gensler's approach to the capital markets and financial services industry, especially the emerging digital asset community."

"I aim to put an end to Chairman Gensler's regulatory abuses and his efforts to crush American innovation and capital formation, without undermining our nation's ability to pursue criminals and fraudsters," he said.

SEC has no authority to govern cryptocurrency

Emmer said, "How can the industry follow rules and guidelines without them? Chairman Gensler has let bad actors like FTX and Terra/Luna get away with it," pointing out the SEC's excessive actions against cryptocurrency-related companies such as the US cryptocurrency exchange Coinbase without providing clear regulatory guidelines.

He also said, "The SEC has no authority to govern cryptocurrency," and that the nature of cryptocurrency makes it difficult to regulate under the existing framework. In light of this situation, Congress is currently working on a bill to classify certain crypto assets as securities, etc., and claims that the responsible regulatory authority will be decided after this.

The bill submitted this time will be sent to the Senate for consideration. In addition to concurring with the House bill, the Senate can submit its own bill.

Reference:Announcement
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