Rep. Tom Emmer slams Treasury Department proposal for tighter cryptocurrency controls

At the Blockchain Association Policy Summit, when asked about the US Treasury's cryptocurrency proposal, Tom Emmer, a member of the House Financial Services Committee and a representative from Minnesota, criticized the US Treasury's proposal to strengthen control over cryptocurrencies, criticizing the agency's "savior complex".

This week, the US Treasury proposed suggestions to lawmakers, including a proposal for new sanction tools and another proposal to strengthen its authority over dollar-based stablecoins. Deputy Secretary Wally Adeyemo said that "dollar-backed stablecoin providers" outside the United States cannot use the US dollar unless procedures are put in place to prevent terrorists from using their platform.

Emmer said, "They want to bring all of this into the surveillance security state they have created. We cannot let that happen. This is the jurisdiction of Congress, not his jurisdiction."