Congressional Leaders Emmer and Budd Shape Crypto Policy, Challenging SEC’s Reach and Bolstering Self-Custody
Emmer recently had his amendment passed that prevents the SEC from using its budget to target crypto services.
Senator Ted Budd is attempting to pass his Keep Your Coins Act through the Senate to protect the self-custody rights of crypto investors.
The United States Congress has been at odds for much of this year, with the government facing yet another potential shutdown. Amid the chaos, two Republican representatives – Majority Whip Tom Emmer and Senator Ted Budd – are looking to shake up crypto legislation in the nation.
Emmer Wants to Take Down SEC Chair Gary Gensler
Perhaps the biggest change has come through Emmer’s amendment to the Financial Services and General Government Appropriations Act, which passed through the House yesterday. Essentially, the new legislation prevents the Securities and Exchange Commission from using government funds to pursue legal action against crypto companies. Although it is just a temporary measure while Congress decides which regulatory body should have jurisdiction over the sector, it puts a spanner in the works of the SEC’s crypto crackdown.
Emmer was straight to the point when discussing his opinion of current SEC Chair Gary Gensler:
.@GaryGensler is as ineffective as he is incompetent. Fortunately, my nonpartisan appropriations amendment to reign in SEC enforcement abuses against the digital asset industry passed the House today with no opposition.
Congress will hold unelected bureaucrats accountable. pic.twitter.com/TGaaW8I0Eu
— Tom Emmer (@GOPMajorityWhip) November 8, 2023
Keep Your Coins Act Targets Self-Custody
Meanwhile, fellow Republican Ted Budd runs his new legislation, the Keep Your Coins Act, through the Senate. The bill’s premise is simple – ensuring crypto investors maintain self-custody rights over their assets. Certain government officials have suggested drafting regulations around non-custodial wallets due to the risks they pose to consumers. Estimates suggest nearly 6 million BTC has been lost due to investors forgetting their private keys. However, it’s worth remembering that most of these losses occurred during the early years of Bitcoin, before the maturation of wallets and decentralised finance.
Budd’s Act isn’t really targeting self-custody being outlawed – such a move goes against everything the crypto industry stands for. However, previous bills have suggested providers of self-custodial wallets (e.g., Metamask) must verify each customer’s identity and track their transactions. This is something that Budd, and the broader crypto industry in general, wants to avoid.
The Act also takes aim at Gary Gensler – although not as explicitly as Emmer’s tweets:
In general, no agency head may prohibit or otherwise restrict the ability…to use virtual currency for such user’s own purposes….[or to] conduct transactions through a self-hosted wallet.
The post Congressional Leaders Emmer and Budd Shape Crypto Policy, Challenging SEC’s Reach and Bolstering Self-Custody appeared first on Crypto News Australia.
Filed under: Bitcoin - @ November 9, 2023 4:52 am