As the Govt Escapes Shutdown, US Lawmaker Urges Congress to Act on Crypto
Senator Pat Toomey remarked, "Chairman Gensler's inability to give clear rules of the road for cryptocurrencies highlights the necessity for Congress to act."
US Lawmaker Calls Congress to Make Legislation on Crypto
In a statement released by the Senate Banking Committee on Friday, Toomey expressed his dissatisfaction with SEC head Gary Gensler's comments on the distinctions between securities and commodities about token projects and stable coins. The senator questioned the SEC's apparent differences in enforcement proceedings between crypto businesses and advisory services organizations, such as Glass Lewis, which was accused of giving "fraudulent and deceptive material" in a similar case.
"To ensure that investors benefit from a fair and competitive market, federal authorities should address questions about whether — and, if so, how — emerging technologies fit within present regulatory constraints," Toomey said. "Chairman Gensler's refusal to give clear cryptocurrency rules of the road highlights the necessity for Congress to act."
Voting for Digital Currencies
Toomey has previously said that he supports the US government introducing a central bank digital currency and would vote for Jerome Powell, President Joe Biden's choice for the next Federal Reserve head. In addition, in August, the senator led a bipartisan attempt to alter several elements of the newly approved infrastructure bill so that they do not apply to cryptocurrency developers, miners, and others. Following Biden's signing of the bill into law, several US politicians have offered fixes to the tax reporting requirements, with Toomey stating that Congress would "have to address it in later legislation.
Though Congress has not yet taken action on crypto, as Toomey anticipated, both the House and Senate were busy adopting a measure to keep the government funded through February 18 to prevent a shutdown. President Biden signed the "Further Extending Government Funding Act" into law today.