WASHINGTON–Sen. Pat Toomey (R-PA) has joined with a number of other senators in calling for input from industry leaders on how to make current and future crypto regulations in the U.S. more clear and transparent.
Toomey, the senior Republican on the Senate Banking Committee, has been a supporter of cryptocurrencies and other developing technologies.
Toomey and the other senators announced they are “soliciting ideas and legislative proposals to ensure federal law supports the development of emerging cryptocurrency and open blockchain network technologies while continuing to protect crypto investors.”
Washington is currently divided when it comes to crypto regulations. In one camp are members of President Biden’s working committee on crypto-technologies, including Treasury Secretary Janet Yellen, who also lobbied for an anti-crypto amendment in the infrastructure bill. In the other camp are people like Cynthia Lummis (R-WY) and Hester Pierce of the SEC who have been calling for regulations that can support innovation in the space.
Great Promise
For his part, Toomey believes blockchain and cryptocurrencies hold great promise.
“Not only might cryptocurrency and blockchain technologies be as revolutionary as the internet, they also have the potential to build wealth and financial independence for individuals who are empowered to engage in financial transactions directly with each other, free from oft-costly middlemen,” said Toomey.