TechFlow reports, according to Blockworks, that U.S. Representative Tom Emmer is advancing an amendment targeting how the Securities and Exchange Commission (SEC) uses its funds, proposing to prohibit the SEC from using its budget to take enforcement actions against crypto companies until Congress passes legislation granting the SEC jurisdiction over this asset class.
In remarks ahead of this week's Rules Committee hearing, Emmer blamed "runaway" spending at the SEC on Chairman Gary Gensler, accusing him of continuing a "pattern of regulatory abuse" against participants in the digital asset space. Emmer said: "At a time when clear guidance is urgently needed, Chairman Gensler has instead spent taxpayer resources boasting about going after celebrities like Kim Kardashian, while Sam Bankman-Fried (SBF) ran a Ponzi scheme right under his nose."
