{"id":356258,"date":"2023-09-09T18:40:53","date_gmt":"2023-09-09T17:40:53","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=356258"},"modified":"2023-09-09T18:40:53","modified_gmt":"2023-09-09T17:40:53","slug":"rep-tom-emmer-says-gensler-abused-his-authority-backs-amendment-to-limit-secs-crypto-reach","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/rep-tom-emmer-says-gensler-abused-his-authority-backs-amendment-to-limit-secs-crypto-reach\/","title":{"rendered":"Rep. Tom Emmer says Gensler \u201cabused his authority,\u201d backs amendment to limit SEC\u2019s crypto reach"},"content":{"rendered":"<p>Majority whip of the U.S. House of Representatives, Tom Emmer noted in a Sept. 9 <a href=\"https:\/\/twitter.com\/GOPMajorityWhip\/status\/1700191143835705542\">post<\/a> on X (formerly Twitter) that Securities and Exchange Commission (SEC) chief Gary Gensler has misused his authority. Emmer accused Gensler of overstepping the agency's bounds in pursuing crypto enforcement and negatively impacting Americans.<\/p>\n<p>Emmer is a well-known crypto ally who has raised concerns about the SEC's overreach several times. He noted:<\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">&#8220;Gary Gensler<\/span><span class=\"r-18u37iz\">\u00a0<\/span><span style=\"color: #383838;\">has abused his authority to grow the Administrative State to the detriment of the American people.&#8221;<\/span><\/p><\/blockquote>\n<p>Emmer urged Congress to use all available tools to restrict Gensler from &#8220;further weaponizing taxpayer dollars.&#8221; To help Congress do that, Emmer said he plans to sponsor an appropriations amendment, limiting the SEC's funding for crypto enforcement actions.<\/p>\n<p>The amendment concerns the FY 2024 Financial Services and General Government appropriations bill. It will tie the SEC's hands until &#8220;clear rules and regulations are in place,&#8221; Emmer said.<\/p>\n<h2>Ripple lawyer accuses SEC of being &#8216;hypocritical'<\/h2>\n<p>In related SEC news, Ripple's chief legal officer, Stuart Alderoty, called SEC's latest filing in the Ripple case a &#8216;<a href=\"https:\/\/twitter.com\/s_alderoty\/status\/1700284167995392031\">hypocritical pivot<\/a>.'<\/p>\n<p>On Sept. 8, the SEC submitted a <a href=\"https:\/\/www.dropbox.com\/scl\/fi\/zawhw8zc5sc35xq4v9ynt\/SEC-Reply-Memo-in-Further-Support-of-Motion-to-Certify-Interlocutory-Appeal.pdf?rlkey=lyozo4npf5r63l3ddo2v8qif4&dl=0\">filing<\/a> to reinforce its interlocutory appeal. According to Alderoty, the filing contradicts the SEC's previous claims that the crypto market rules are clear and need to be followed.<\/p>\n<p>Alderoty noted on X:<\/p>\n<blockquote><p>&#8220;After years of its chairman saying the \u201crules are clear and must be obeyed\u201d the SEC now cries that an appeal is urgently needed to resolve these \u201cknotty legal problems.&#8221;&#8221;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Majority whip of the U.S. House of Representatives, Tom Emmer noted in a Sept. 9 post on X (formerly Twitter) that Securities and Exchange Commission (SEC) chief Gary Gensler has misused his authority. Emmer accused Gensler of overstepping the agency&#8217;s bounds in pursuing crypto enforcement and negatively impacting Americans. Emmer is a well-known crypto ally [&hellip;]<\/p>\n","protected":false},"author":1386,"featured_media":356259,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60793,11],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rep. Tom Emmer says Gensler \u201cabused his authority,\u201d backs amendment to limit SEC\u2019s crypto reach<\/title>\n<meta name=\"description\" content=\"Emmer is working to restrict the SEC&#039;s use of taxpayer funds to pursue crypto enforcement actions until clear rules are in place.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/rep-tom-emmer-says-gensler-abused-his-authority-backs-amendment-to-limit-secs-crypto-reach\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rep. 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