US Lawmaker Raps Congress on Enhancing Crypto Opportunities
A US lawmaker has rapped Congress to focus on enhancing crypto activity and opportunities in the United States to "bolster US national security." The lawmaker said that Congress need not rewrite laws for the crypto industry, citing the Department of Justice’s action against crypto exchange Binance.
Focus on Domestic Crypto Activity and National Security
Following the Department of Justice settlement with Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao (CZ), House Majority Whip Tom Emmer (R-MN) shared his opinion on the role of Congress in implementing crypto laws.
“Congress does not need to rewrite laws that work in the crypto space. Yesterday’s successful prosecution shows that when enforced, current laws are suitable to help weed out bad actors,” the lawmaker explained on social media platform X on Wednesday. He posted:
"Congressional resources should instead be spent working to bring more crypto activity and opportunities onshore to bolster U.S. national security."
Rep. Emmer Bats for the Growth of the Crypto Industry
Rep. Emmer has consistently pushed Congress to approve regulations favoring the growth of the crypto industry. The House of Representatives adopted an amendment attached to the Financial Services and General Government Appropriations Act of 2024 earlier this month that limits the authority of the US Securities and Exchange Commission (SEC) to execute enforcement actions against the crypto industry.
The House Financial Services Committee passed the CBDC Anti-Surveillance State Act in September, which halts the efforts of the Biden administration “from issuing a financial surveillance tool that will undermine the American way of life.”
Emmer joined Rep. Warren Davidson in supporting the SEC Stabilization Act in June, which seeks to remove Gensler from the chair of the securities regulator. Emmer and several other lawmakers have been pushing for the ouster of SEC Chairman Gary Gensler.
What is your take on Rep. Tom Emmer rapping Congress to focus its efforts on enhancing crypto activity and opportunities in the US to bolster national security? Please share your thoughts and opinions in the comments section below.
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