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House GOP whip Tom Emmer sees no need to rewrite laws for crypto following Binance’s settlement

house-gop-whip-tom-emmer-sees-no-need-to-rewrite-laws-for-crypto-following-binances-settlement
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House GOP whip Tom Emmer sees no need to rewrite laws for crypto following Binance’s settlement

The Minnesota Republican says current laws ‘are suitable to help weed out bad actors.’

Tom Emmer, the Minnesota Republican who has been crypto pro advocate for years, says there is no need for Capitol Hill to rewrite existing laws trying to clamp down on digital currencies as enforcement action is still enough to “weed out bad actors.”

In an X post on Nov. 22, Emmer said that Binance’s $4.3 billion settlement with the U.S. Department of Justice “shows that when enforced, current laws are suitable to help weed out bad actors.” The politician went on to say that congressional resources “should instead be spent working to bring more crypto activity and opportunities onshore to bolster U.S. national security.”

Meanwhile, Democrats seem to be taking a different approach. Sen. Elizabeth Warren, D-Mass., took to X after the Binance settlement to double down on crypto regulation, saying law enforcement and national security officials need “additional authorities and resources to pursue money laundering” facilitated through crypto.

Although politicians seem to be struggling to find the common ground on the matter, Wall Street considers the settlement as a positive outcome for the industry. According to JPMorgan analysts, Binance’s settlement stabilizes the crypto market and mitigates systemic risk.

As crypto.news reported, the resolution is seen as particularly advantageous for Binance’s operations and its BNB Smart Chain business. JPMorgan analysts emphasize that the settlement brings much-needed clarity, reducing uncertainty surrounding Binance, and that it is not only a relief for the exchange itself but also for the broader crypto market.