Pennsylvania Senator Pat Toomey, one of the most senior members of the Senate Banking Committee, has suggested that Congress intervene with the legislation if the Securities and Exchange Commission (SEC) unable to provide adequate instructions on cryptocurrencies.
In a statement by the Senate Banking Committee released on Friday Toomey said he was unhappy with the responses SEC Chairman Gary Gensler had given about the differences between securities and commodities in stablecoin and token projects. The Senator questioned some of the SEC’s obvious differences in enforcement actions between cryptocurrency firms and advisory firms, including Glass Lewis over similar allegations of provision “Fraudulent and Misleading Information”.
“In order for investors to benefit from a fair and competitive market, federal agencies need to answer questions about whether – and if so, how – new and emerging technologies will fit into existing regulations.” said Toomey. “President Gensler’s failure to establish clear traffic rules for cryptocurrencies underscores the need for Congress to act.”
Toomey previously worked for the government of. pronounced The United States is introducing a central bank digital currency and said he would vote for herElected by President Joe Biden as next Federal Reserve Chairman Jerome Powell. Additionally, in August the Senator stood behind a bipartisan effort to get around change some provisions of the recently passed Infrastructure Act They therefore do not apply to developers, miners and other participants in the cryptocurrency space. Other US lawmakers proposed solutions to tax reporting requirements after Biden signed the bill, Toomey said Congress “should do this in later legislation”.
Although Congress has not yet responded to cryptocurrencies, as Toomey has suggested, both the House and Senate have been busy passing a bill that extends U.S. government funding through February 18 to avoid a shutdown. President Biden signed the State Financing Expansion Act today.