Rep. Tom Emmer says Gensler "abused his powers."
Date: 2023-09-10 Author: Karina Ziganova Categories: BUSINESS
US House Majority Whip Tom Emmer said on September 9 on X (formerly Twitter) that SEC Chairman Gary Gensler had abused his powers. Gensler received an allegation from Emmer that he overstepped the agency's authority to enforce cryptocurrency regulations and negatively impacted U.S. residents.
Emmer has been a prominent cryptocurrency ally who has raised concerns about SEC overreach on several occasions. He clarified:
Gary Gensler deliberately abused his power to create an administrative state to the detriment of the people of the United States.
Emmer said Congress must use every tool to prevent Gensler from "further weaponizing taxpayer dollars." It is to help Congress on this issue that Emmer announced that he is going to sponsor an appropriations amendment that would limit SEC funding for cryptocurrency enforcement activities.
The amendment affects the Fiscal Year 2024 Finance and Government Appropriations bill. This will bind the SEC until “clear rules are put in place.
Ripple lawyer accuses SEC of 'hypocrisy'
The SEC's latest filing in the Ripple case is, according to Stuart Alderothy, a "disingenuous turn" in the context of events surrounding the case.
Effective September 8, the US Securities and Exchange Commission (SEC) decided to further strengthen its interlocutory appeal. Alderoti's responses contradict previous SEC statements that cryptocurrency market rules are clear and must be followed.
Alderoti noted on X:
“Despite years of its chairman insisting that 'the rules are clear and must be followed,' the SEC is now crying out for an urgently needed appeal to resolve these 'tangled legal issues.'
