Senator Pat Toomey's Concerns about the SEC & Crypto
We brought on our first United States senator, Sen. Toomey. He's a senator from Pennsylvania, a ranking member of the Senate Banking, Housing, and Urban Affairs committees. He's also crypto-friendly.
Hear how Capitol Hill is digesting the FTX collapse, what America's crypto competition looks like currently, and what it might look like if we still have no regulatory clarity. And finally, what you can do to impact our government's view on crypto. ------ Infura | Join the New Decentralized Infrastructure Network www.bankless.cc/infura
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----- Timestamps:
0:00 The Big Picture 3:40 America's Competitors 6:10 The FTX Collapse 8:50 Crypto Sentiment in Congress 13:00 We Want Reasonable Regulation 16:53 Lack of Clarity 22:15 Fallout from Contagion 24:25 Hope for Solutions 27:48 Preventing Sloppy Legislation 31:06 Cautious Optimism
----- Resources:
Sen. Pat Toomey https://twitter.com/SenToomey
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto - Ep. 399
Pat Toomey, U.S. Senator for Pennsylvania, talks about legislation in the crypto industry, how to determine if something is a security, the future of CBDCs, and much more.
Show highlights:
the structural differences between crypto tokens and securities
why Sen. Toomey is demanding crypto legislation
why “regulation by enforcement” does not provide clarity
how to determine if a token is decentralized
whether proof of stake consensus turns tokens into securities
Sen. Toomey’s take on the new framework for stablecoin regulation
whether it is appropriate to ban algorithmic stablecoins
the importance to make disclosures so that regular users understand the risks of crypto
how the collapse of Terra and other crypto companies like Voyager and Celsius affected lawmakers’ perception of crypto
whether the US Treasury made a mistake with the Tornado Cash sanctions
what the government should take into account in regards to a central bank digital currency (CBDC)
why he believes the White House reports on crypto are not helpful and whether entrepreneurial talent is migrating to other countries
the likelihood of any of the crypto bills passing soon
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Previous Coverage of Unchained on regulation:
Congressman Ro Khanna: How to Get More Democrats into Web3
The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay?
Why the Crypto Industry Believes SEC Regulation by Enforcement Hurts US Consumers
SEC Views
Gary Gensler’s comments on PoS tokens
Sen. Toomey’s opinion
White House Reports
Stablecoins
Stablecoin Draft Bill
Bloomberg article: Senator Pat Toomey Still Sees Chance of Stablecoin Legislation This Year
Sen. Toomey’s framework for payment stablecoins that he released last spring
Tornado Cash
Treasury Press release
Previous coverage of the Tornado Cash Sanctions on Unchained:
Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No
Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?
The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury
Ian Balina charges
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Senator Pat Toomey on the Bad State of Crypto Regulation
Cryptocurrencies often don't fit neatly into traditional asset buckets. They're not exactly currencies. They're not exactly commodities. And while many share commonalities with stocks, there are differences there as well. As such, US regulators haven't come up with clear rules on their trading and issuance, leaving entrepreneurs and investors in limbo. On this episode, we're joined by Pennsylvania Senator Pat Toomey, who has been harshly critical of the SEC's approach, particularly under current Chairman Gary Gensler. The Senator also talks about his own legislative proposals to start providing more clarity.
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