Tom Emmer: “Regulation by enforcement is a practice all too common with this administration. This is particularly the case at the…”

“Regulation by enforcement is a practice all too common with this administration. This is particularly the case at the SEC and Chair Gary Gensler's approach toward our capital markets and financial services industry but especially with our emerging digital assets community. My amendment seeks to put an end to Chair Gensler's pattern of regulatory abuse--a pattern that is crushing American innovation and capital formation--without undermining our ability to go after criminals and fraudsters. Specifically, my amendment prohibits the SEC from using funds for enforcement activities related to digital asset transactions until Congress passes legislation that gives the SEC jurisdiction over this asset class. This will keep Chair Gensler--who has proven himself to be ineffective and incompetent--in check while Congress continues working to give this industry a chance to grow and develop right here in the United States. Let's just look at the facts. Under Gensler's leadership, the SEC has pursued dozens of enforcement actions against the digital asset industry, despite never finalizing a single rule or regulation for the industry to follow. Chair Gensler refuses to provide the marketplace with clear criteria for digital assets that he would consider to be a security. How can this industry comply if there are no rules or guidelines to follow?…”