A U.S. lawmaker has called on Congress to focus its efforts on bringing more crypto activity and opportunities to the United States in order to “bolster U.S. national security.” Citing the Department of Justice’s action against crypto exchange Binance, the lawmaker stressed that Congress does not need to rewrite laws that work in the crypto space.
Rep. Emmer Calls for Focus on Domestic Crypto Growth
House Majority Whip Tom Emmer (R-MN) shared his perspective on Congress’ role in shaping cryptocurrency laws following the Department of Justice’s settlement with Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao (CZ).
“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 emphasized:
Congressional resources should instead be spent working to bring more crypto activity and opportunities onshore to bolster U.S. national security.
Rep. Emmer has been pushing for Congress to pass laws that benefit the crypto sector. Earlier this month, the House of Representatives adopted an amendment he attached to the Financial Services and General Government Appropriations Act of 2024 that limits the authority of the U.S. Securities and Exchange Commission (SEC) to carry out enforcement actions against the crypto industry.
In September, the House Financial Services Committee passed his CBDC Anti-Surveillance State Act, which halts the efforts of the Biden administration “from issuing a financial surveillance tool that will undermine the American way of life.”
Emmer and several other lawmakers have pushed to oust SEC Chairman Gary Gensler. In June, Emmer joined Rep. Warren Davidson in supporting the SEC Stabilization Act that seeks to fire Gensler as the chair of the securities regulator.
What do you think about Rep. Tom Emmer urging Congress to focus its efforts on bringing more crypto activity and opportunities to the U.S. in order to bolster national security? Let us know in the comments section below.