Congressman Tom Emmer recently outlined the approach of the Congressional Blockchain Caucus in an interview[1]. It is essentially a group[2] of Republicans and Democrats that aim to formulate policies around crypto, NFTs, DeFi, and gaming by understanding the implications of blockchain technology.
Last month, SEC[3] chair Gensler had stated that the regulator needs more power[4] to regulate the crypto market, something that Emmer expresses his disapproval on.
This time around, the SEC chair stated that a crypto ban is “up to Congress[5].” In response to the same, Emmer argued that Gensler “believes that almost all tokens are security,” adding that he “adamantly disagrees” to the same. He said[6],
“I think the community would disagree. Most of us would say, the vast majority of tokens out there are either a currency or a commodity.”
He explained that what Gensler is doing is “intentional” and not “ignorant,” in an attempt to “grow their regulatory jurisdiction over this industry.” Gensler has time and again said that certain tokens are securities. He had previously stated[7],
“It doesn’t matter whether it’s a stock token, a stable value token backed by securities…[they] must work within our securities regime.”
In the interview[8], Emmer raised objections to Gensler’s use of the word “stable value coins” for stablecoins. He argued that Gensler attempted to make them synonymous with ‘stable value funds’ which are under the jurisdiction of the SEC.
Additionally, it is noteworthy that stable value funds are a portfolio of fixed-income “securities.” In this context, Emmer speculated that the SEC is trying to gain control “over this incredibly fast-growing, very lucrative” industry,
“I think it’s a challenge to the central currency…I don’t think we should
