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The US Congressman Tom Emmer Critique of the SEC

With the SEC v Ripple case in the spotlight, US Congressman Tom Emmer  targeted the SEC on Wednesday, with a crypto inclusion in the house budget bill. Justifying the inclusion, Emmer had this to say about the SEC and SEC Chair Gary Gensler,

“My amendment seeks to put an end to Chair Gensler’s pattern of regulatory abuse. […] Specifically, my amendment prohibits the SEC from using funds for enforcement activities related to digital asset transactions until Congress passes legislation and gives the SEC jurisdiction over this asset class.”

Emmer went on to say,

“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?

Discussing the SEC case against Ripple, Emmer said,

“One of these extra-jurisdictional enforcement cases was the SEC’s landmark crypto enforcement against Ripple, alleging that XRP is a security. In July, the Southern District of New York sided against the SEC, asserting that XRP is not itself a security. In August, the United States Court of Appeals for the District of Columbia Circuit found the SEC to be acting arbitrarily and capriciously in its refusal to approve Grayscale’s bitcoin spot ETF application.”

US Congressmen Emmer also discussed the Government Accountability Office (GAO) findings about the SEC creating an illegal crypto accounting rule.

Emmer concluded,

“Congress must be allowed to finish its legislative work, so the future of digital asset innovation is determined by Americans, not by unelected bureaucrats in DC.”

Amicus Curiae Attorney John E. Deaton Discusses SEC Actions

With Tom Emmer targeting the SEC and highlighting the SEC case against Ripple, Amicus Curiae attorney John E. Deaton said,

“Why is the private company that’s using pseudonym emails to disguise purchases given a free pass but the company that’s disclosing token sales every quarter, being sued?”

Deaton went on to say,

“Worst yet, the SEC uses the public disclosure of token sales as EVIDENCE against the company, arguing that the public disclosure of sales was effectively promoting the company’s efforts to entice retail to buy the token.”

Market Impact and Regulatory Priorities

The anti-SEC rhetoric has continued to grab the crypto news headlines at a pivotal time for the digital asset space.

A Coinbase (COIN) victory against the SEC and the SEC approval of BTC-spot ETFs could significantly alter the US digital landscape. However, as US Congressman Emmer eluded, rules and regulations should remain a priority for lawmakers.

Amidst the furor surrounding the SEC and the SEC case against Ripple, Ripple continued to make waves.

In a separate development, Metaco announced HSBC plans to launch a new digital asset service for institutional clients investing in tokenized securities. According to the announcement,

“HSBC is working with Swiss enterprise tech firm, Metaco, to use its institutional platform, Harmonize, as part of HSBC’s new custody service for digital assets.”

Ripple acquired Metaco for $250 million earlier this year.

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