Tom Emmer Slams Treasury Department's Proposed Crypto Regulations: 'Beware Of The Self-Proclaimed Savior'

The US Treasury Department’s suggested regulations for the burgeoning cryptocurrency industry have met with strong opposition from Republican lawmaker, Rep. Tom Emmer (R-Minn.).

What Happened: As reported by The Block, the Treasury Department has proposed to Congress the introduction of new sanctions tools, and has pushed for a bolstering of its authority over dollar-based stablecoins. These recommendations were met with disapproval from Rep. Emmer, a member of the House Financial Services Committee, during Thursday’s Blockchain Association Policy Summit.

Emmer voiced his apprehensions about the Treasury’s proposed approach, stating, “beware of the self-proclaimed savior that rides in on a white horse and tells you I’m here to protect you.” He suggested that the institution is attempting to envelop the crypto industry into the surveillance security state, and called for clarity on issues concerning crypto and terrorism financing.

See Also: Bitcoin, Ethereum, Dogecoin Rise After Dovish Remarks From Fed’s Waller: Analyst Says ‘Santa Claus Rally’

On the other hand, Sen. Cynthia Lummis (R-Wyo.), a Senate Banking Committee member, adopted a more circumspect stance, proclaiming that she would meticulously scrutinize the Treasury’s recommendations, particularly those relating to mixers and tumblers.

Why It Matters: Earlier in September, Emmer criticized Securities and Exchange Commission (SEC) Chair Gary Gensler on Wednesday, suggesting that Gensler’s approach to regulation is biased in favor of large financial institutions and detrimental to innovation.

Price Action: At the time of writing, Bitcoin BTC/USD was trading at $37,944, up 1.44% in the last 24 hours, according to Benzinga Pro.

Photo Courtesy: Al Mueller On Shutterstock.com

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.