U.S. U.S. Senator Pat Toomey believes Congress should provide a regulatory framework to cryptocurrency. He stated that the U.S. Securities and Exchange Commission is not sharing its regulatory framework for crypto with lawmakers and that Chairman Gary Gensler "owes them much more clarity about how and why he intends" to apply SEC regulations.
US Senator Asks Congress to Get on Board with Crypto Regulation
U.S. U.S. Senator Pat Toomey (R.PA), was a ranking member on the Senate Banking Committee and discussed cryptocurrency regulation during a Bloomberg interview Thursday.
He commented on whether the U.S. Securities and Exchange Commission is slow to regulate cryptocurrency.
The senator then referred to SEC Chairman Gary Gensler, who stated that most crypto tokens were securities.
Gary Gensler is well-known for arguing that all crypto tokens can be considered securities. Reasonable people could disagree with that, I believe.
Gensler would exempt bitcoin from this classification, but the lawmaker stated that "pretty much all else…is a security."
Senator Toomey stated that the SEC chairman did not elaborate on how he would apply existing frameworks to regulate securities issuance, trading to a new technology where some things don’t fit, like custody rules or clearance rules. These things don’t have any application. He has not provided any clarification on that."
Actually, I believe Congress should be able to provide guidance.
"I believe crypto is sufficiently distinct even if it is tempting to argue that these tokens constitute securities," the senator stated. He also noted that it was indisputable that cryptocurrency "are very different than a stock or bond and that Congress should provide a framework."
The lawmaker concluded:
We owe Chairman Gensler more information about how and why he will apply the SEC regulations.
Gensler revealed recently that he had asked the staff of the Commission to improve crypto compliance. Gensler also stated that he had "asked the SEC staff [to work directly with entrepreneurs] to get their tokens regulated and registered, where appropriate, for securities." A dedicated office is being set up by the securities regulator to review crypto filings.
Let us know your thoughts on Senator Pat Toomey's comments. Do you believe Congress should provide a regulatory framework to crypto? Comment below.
By: Kevin Helms
Title: US Senator Wants Congress to Step in With Crypto Guidance — Urges SEC to Provide Much More Clarity on Regulations
Sourced From: news.bitcoin.com/us-senator-wants-congress-to-step-in-with-crypto-guidance-urges-sec-to-provide-much-more-clarity-on-regulations/
Published Date: Sat, 17 Sep 2022 03:30:38 +0000
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