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FameEX Hot Topics | US Representative Highlights Cryptocurrency Bills Passed by House Committee in 2023

2023-12-26 17:29:25

In 2023, U.S. Congressman Tom Emmer (R-MN) played a significant role in advancing various cryptocurrency-related bills through the House Committee on Financial Services. His efforts were particularly focused on shaping the regulatory landscape of the crypto industry and ensuring proper oversight of government bodies like the U.S. Securities and Exchange Commission (SEC). On a social media platform X, Congressman Emmer reflected on the committee's progress in 2023. He proudly stated that the committee had surpassed its previous years in moving legislation that fosters capital market growth, encourages innovation, and maintains checks on regulators.

Among the notable achievements he highlighted was the passage of the Blockchain Regulatory Certainty Act in July. This act aims to simplify money transmission regulations, which are seen as a significant hurdle in the digital asset space. Additionally, the congressman pointed out that crucial aspects of his Securities Clarity Act were incorporated into the Financial Innovation and Technology (FIT) for the 21st Century Act. This act, which also passed the committee in July, plays a pivotal role in the Ripple case by clarifying that a token is not inherently a securities contract.

Congressman Emmer further mentioned his bipartisan bill, the Securities Clarity Act. This legislation is intended to provide regulatory certainty, ensuring that the next phase of the internet aligns with American values.

In September, his CBDC Anti-Surveillance State Act was also approved by the committee. Emmer emphasized the importance of this bill in safeguarding against government surveillance, noting its cosponsorship by 75 members of Congress. He has been vocal about his concerns that a central bank digital currency (CBDC), if not designed with the same openness, permissionless structure, and privacy as cash, could become a surveillance tool similar to those used by the Chinese Communist Party.

Another significant move by Emmer was the introduction of an appropriations amendment that restricts the SEC from using taxpayer funds for what he termed as "abusive crypto enforcement." This amendment, which was passed without opposition in November, aims to limit the SEC's actions in the crypto space until Congress grants it explicit jurisdiction over the industry. Emmer criticized SEC Chairman Gary Gensler's leadership, pledging congressional oversight of unelected bureaucrats.

Looking ahead, Congressman Emmer expressed optimism about the future, stating that these achievements are just the start. He anticipates further progress in moving these measures through the House in 2024, during the second half of the 118th Congress. His efforts underscore a growing focus on cryptocurrency within U.S. legislative circles, signaling a potentially transformative period for the industry in terms of regulation and innovation.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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