U.S. Representative Tom Emmer has urged Congress to enhance cryptocurrency-related activities in the United States to strengthen national security. He referenced the Department of Justice’s recent actions against Binance, a major crypto exchange, to argue that existing laws in the crypto sector are effective and don’t require rewriting.
Rep. Emmer, the House Majority Whip, emphasized this point following the Department of Justice’s settlement with Binance and its CEO, Changpeng Zhao (CZ). He asserted on a social media platform that the successful prosecution under current laws proves their adequacy in combating illegal activities in the crypto world.
Emmer is a vocal proponent of pro-crypto legislation. He recently influenced the adoption of an amendment in the House of Representatives, as part of the Financial Services and General Government Appropriations Act of 2024, which restricts the U.S. Securities and Exchange Commission (SEC) from excessive enforcement actions in the crypto industry.
Additionally, in September, the House Financial Services Committee passed his CBDC Anti-Surveillance State Act. This act aims to prevent the Biden administration from developing a financial surveillance tool that could negatively impact American values.
Emmer, along with other legislators, has been critical of SEC Chairman Gary Gensler. In June, he supported the SEC Stabilization Act alongside Rep. Warren Davidson, a bill intended to remove Gensler from his position as the head of the SEC.