House – “YES” on Emmer Amendment to Financial Services and General Government (FSGG) Appropriations bill

The Club for Growth urges all Representatives to vote YES on the Emmer Amendment to the FSGG Appropriations bill. The results of this vote will be included in the Club for Growth Foundation’s 2023 congressional scorecard.

Despite lacking any legal authority, Securities and Exchange Commission (SEC) Chairman Gary Gensler has engaged in a reckless campaign to destroy the digital asset industry. He has lawlessly branded cryptocurrencies as securities and targeted digital asset companies that sell digital assets for conducting “unregistered securities offerings.” His actions have earned bipartisan condemnation and been struck down by the United States Court of Appeals for the District of Columbia Circuit and the Southern District of New York. Additionally, the Government Accountability Office (GAO) has found SEC actions regarding digital assets to be out of compliance with the Congressional Review Act.

Congress is already taking steps to protect financial freedom and innovation, and prohibit any overstep from the Executive Branch, but as necessary, the power of the purse is ultimately the controlling authority from Congress to stop a harmful action from the SEC.

To protect the industry from rogue regulators, GOP Whip Tom Emmer (R-MN) has introduced a commonsense amendment pushing back on the SEC’s regulatory overreach by prohibiting the SEC from using federal funding for enforcement actions against digital asset transactions. This amendment is essential to reassert legislative powers and push back on the regulatory state, unelected bureaucrats, and to promote economic growth, innovation and public safety.

Club for Growth Foundation’s Congressional Scorecard for the 118th Congress provides a comprehensive rating of how well or how poorly each member of Congress supports pro-growth, free-market policies and will be distributed to the public.