Tom Emmer sneaks crypto provision into House budget bill

Emmer claims SEC Chair Gary Gensler is abusing his regulatory powers by targeting the crypto community

article-image

US Rep. Tom Emmer | Al Mueller/Shutterstock modified by Blockworks

share

As congressional leaders work for the second time this year to prevent a government shutdown, Representative Tom Emmer, R-Minn., is advancing an amendment targeting how the Securities and Exchange Commission can use funds. 

Emmer’s amendment to the Financial Services and General Government Appropriations Act, which passed the House in a voice vote Wednesday, prohibits the securities regulator from using its budget to pursue enforcement actions against crypto companies until Congress passes legislation that grants the SEC jurisdiction over the asset class. 

In remarks before the Rules Committee hearing this week, Emmer blamed the SEC’s “out of check” spending on Chair Gary Gensler, who is perpetuating a “pattern of regulatory abuse” by targeting actors in the digital asset space. 

“At a time when clear guidance is desperately needed, Chair Gensler instead spends taxpayer resources, praising himself for targeting celebrities like Kim Kardashian, while Sam Bankman-Fried was running a Ponzi scheme right under his nose,” Emmer said Wednesday. 

The amendment comes as lawmakers once again race the clock to get a budget to President Joe Biden’s desk before the Nov. 17 deadline. Congressional leaders were able to pen an eleventh-hour deal just weeks ago that secured funding through the middle of this month. 

The hold up on a funding plan — combined with the lengthy search for a new Speaker of the House last month — has left little time for lawmakers to advance the number of bills and drafts before them relating to crypto policy, leading the industry and some leaders frustrated. 

“The unique characteristics of digital assets make it hard to fit this asset class into any existing regulatory framework,” Emmer added. “That doesn’t mean crypto is up for grabs by whatever federal bureaucratic agency has the most taxpayer-funded enforcement resources to burn.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

REPORT_Template.png

Research

The Sonic blockchain is leveraging redesigned airdrop incentives and its FeeM program to propel DeFi activity and attract institutional capital, setting the stage for ecosystem growth. Within this environment, leading protocols Shadow Exchange and Silo are poised to asymmetrically benefit due to innovative features and favorable valuations, despite facing ecosystem dependency and competitive pressures. This positions them as compelling, potentially shorter-term, investment opportunities contingent on Sonic's sustained success.

article-image

Bitcoin needs a price, but its magic runs deeper

article-image

Circle had a pretty successful first day of trading, but what’s next for the stablecoin issuer?

article-image

Solana’s USDC caught a boost after being paired with the TRUMP memecoin

article-image

The stablecoin issuer’s successful first day of trading is likely to spur more crypto IPOs, industry watchers say

article-image

Job openings rallied and continuing claims stalled ahead of May’s employment report

article-image

A group of Twitch streamers battle for bitcoin. Will their chats help them?