US Senator Wants Congress to Get Involved with Crypto Guidelines – Urges SEC to Provide Much More Clarity on Regulations – Bitcoin News Regulation

US Senator Wants Congress to Get Involved with Crypto Guidelines – Urges SEC to Provide Much More Clarity on Regulations – Bitcoin News Regulation

US Senator Pat Toomey says Congress should step in and provide a regulatory framework for cryptocurrencies. He emphasized that the US Securities and Exchange Commission (SEC) is not sharing its framework for cryptocurrency regulation with lawmakers, noting that Chairman Gary Gensler “owes us much more clarity on how and why he intends to apply the SEC’s regulations.”

US senator wants Congress to get involved in cryptocurrency regulation

US Senator Pat Toomey (R-PA), a member of the Senate Banking Committee, discussed cryptocurrency regulation in an interview with Bloomberg on Thursday.

Commenting on whether the US Securities and Exchange Commission (SEC) is too slow to regulate cryptocurrencies, he said: “I think the problem is that the SEC does not share with us the framework that they use.

The senator went on to refer to SEC Chairman Gary Gensler as saying most crypto tokens are securitiesstating:

Gary Gensler famously argued that almost all crypto tokens are securities. I think reasonable people can disagree with that.

The lawmaker noted that while Gensler “would except bitcoin from that classification,” he said that “pretty much everything else … is a security.”

Senator Toomey explained that the SEC chairman “doesn’t go on to say how he’s going to apply the existing frameworks that we use to regulate securities issuance and trading to a very, very new and very different technology where some of these things don’t fit — like the rules custody, customs clearance rules — these things have no application. He has not given any clarity on that.”

Toomey said:

I mean, actually, Congress should step in and provide some guidance.

“I think cryptocurrency is different enough even if you want to argue that these tokens are securities,” the senator added, adding that it’s undeniable that cryptocurrencies are “very different from stocks or bonds, and so Congress needs to step in and provide a framework .”

The legislator concluded:

In the meantime, Chairman Gensler owes us much more clarity about how and why he intends to apply the SEC’s regulations.

Gensler recently discovered that he has asked staff at the Commission to fine-tune cryptocurrency compliance. In addition, he said he has “asked SEC staff to work directly with entrepreneurs to get their tokens registered and regulated, where appropriate, as securities.” The securities regulator also establishes a dedicated office to view crypto files.

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Congress, Crypto, crypto cryptocurrency regulation, Regulation of cryptocurrencies, pat toomey, SEC, SEC Chairman Gary Gensler, sec crypto regulation, us crypto regulation, US Senator Pat Toomey, US Senator, Senator Pat Toomey

What do you think of Senator Pat Toomey’s comments and do you think Congress should step in and provide a regulatory framework for cryptocurrencies? Let us know in the comments section below.

US Senator Wants Congress to Get Involved with Crypto Guidelines – Urges SEC to Provide Much More Clarity on Regulations – Bitcoin News Regulation

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.




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