Republican congressman proposed stripping the SEC of its right to use public funds to prosecute crypto companies

2 min readNov 10, 2023

Senator from North Carolina Ted Budd introduced a bill on the free use and storage of digital currencies, which no one will be able to restrict. The purpose of creating the document is the free use of cryptocurrency assets by US citizens and independence from third-party services.

It is expected that the federal authorities will not restrict citizens from using cryptocurrencies when making personal purchases. The bill is aimed at ensuring that people have a certain freedom in conversion and payment transactions involving digital assets.

Crypto wallets and trading platforms are defined as “services that transfer virtual currencies and provide owners with full control over their assets.” The document also talks about the right of citizens to take part in crypto transactions without government control.

Users should be able to conduct transactions using offline wallets and should be given full control over their crypto assets without external oversight.

As Budd emphasized, convertible digital assets will be considered instruments of exchange whose value should be equivalent to the value of government currency even if the digital coins do not have all the qualities of legal tender.

And Republican Congressman Tom Emmer believes it is necessary to deprive the SEC of the right to use federal money to prosecute cryptocurrency companies unless a special law is approved. The politician also expressed confidence that the Ministry of Justice, the Ministry of Finance and the US Office of Foreign Assets Control can prevent cases similar to the bankruptcy of the FTX crypto platform.

“SEC Chairman Gary Gensler will no longer be able to abuse his agency’s powers. Now he is implementing a political program to bring a new and promising digital asset industry abroad,” Emmer said with irony.

What do you think about this?