Citing XRP Victory, U.S. Congressman Takes Action To Curb the SEC Regulatory Overreach

In a new development revolving around the Ripple V.S. SEC lawsuit, United States Rep member Tom Emmer cited Ripple’s landmark court victory in mid-July to file an amendment to the federal budget.

Tom Emma is a U.S. Congressman representing Minnesota’s sixth congressional district. He filed the federal budget during the United States congressional hearing on November 8.

Read Also: Ripple and SEC Could Reach Settlement Agreement On XRP Lawsuit Today. Here’s why

Notably, the amendment to the budget aims to restrict the SEC’s liberty of having to use taxpayer funds for its regulatory actions against crypto-related enterprises. Rep Emmer is convinced that adopting this measure will be crucial in curbing SEC’s excesses.

Rep Emmer: SEC Lacks Congressional Right To Regulate Crypto

Describing possible reasons for his actions, Rep Emmer noted that despite the SEC’s plans to adopt a regulation-by-enforcement approach in the crypto space, no single rule was drafted as a blueprint for the crypto industry.

In addition, Rep Emmer asserted that the SEC does not have the congressional right for some of its actions. He corroborated his claims by citing comments from the SEC’s enforcement division in which one of the regulatory body’s officials admitted that the SEC is stretching its tentacles outside its jurisdiction. 

Still driving his unyielding stance, the U.S. Congressman highlighted the outcome of the SEC V.S. Ripple legal battle. He said the lawsuit was considered a significant one by the SEC. However, going on to almost losing the legal battle it seemed to have orchestrated has a lot to say about its abuse of regulatory power. 

Meanwhile, Rep Emmer’s amendment bill is still awaiting approval from the final reconciliation committee. For now, it has been included in the House’s budget bill. It is left to see how events unfold.

Read Also: XRP Lawsuit Enters Game-Changing Settlement Discussions

Progress Made So Far In The SEC V.S. Ripple Lawsuit

It is no longer news that Ripple has been scoring significant wins in its lawsuit with the United States securities watchdog, SEC. It all started in mid-July after Judge Torres ruled to declare XRP sales on secondary markets as non-security. 

As if that was not enough, the SEC’s motion to file an interlocutory appeal was denied too. Finally, to cap off Ripple’s remarkable outings in the court, Ripple officials were cleared of the charges against them by the SEC.

Ripple impressive court wins seemed to renew hope for several other crypto outlets that are currently on the SEC’s radar. Notably, two of the leading crypto exchanges, Binance and Coinbase, have been implicated to have defaulted SEC’s regulatory guidelines. It is left to see how they can turn events in their favor.

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