U.S. House Rep. Emmer Proposes Amendment to Slash SEC's Crypto Enforcement Budget Amid Gensler's FTX Revival Comments, $FTT Surges 90%-100%

Republican U.S. House Rep. Tom Emmer has proposed an amendment to a spending bill that aims to slash the SEC's crypto enforcement budget. This move comes after SEC Chair Gary Gensler signaled openness to a possible revival of the collapsed crypto exchange FTX. The amendment, which passed the House without opposition, prohibits the SEC from using taxpayer-funded resources for enforcement against the digital asset industry. The native token of the defunct exchange FTX, $FTT, surged following Gensler's comments, jumping by 90% and later by over 100%. Former NYSE President Tom Farley is reportedly in negotiations to relaunch FTX after bankruptcy proceedings conclude.