US Senator Wants Congress to Step in With Crypto Guidance — Urges SEC to Provide Much More Clarity on Regulations – Regulation Bitcoin News

US Senator Pat Toomey says that Congress should step in and provide a regulatory framework for cryptocurrencies. He emphasized that the U.S. Securities and Exchange Commission (SEC) does not share its framework for regulating cryptocurrencies with lawmakers, noting that Chairman Gary Gensler “ows us more clarity on how and why he intends to apply SEC regulations.”

US Senator Wants Congress to Intervene in Crypto Regulation

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

Commenting on whether the US Securities and Exchange Commission (SEC) has been too slow in regulating cryptocurrencies, he said: “I think the problem is that the SEC is not sharing with us the framework that they have in place. using.”

The senator went on to mention SEC Chairman Gary Gensler saying that most crypto tokens are securitiesclarify:

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

The legislator noted that while Gensler “will free bitcoins from that classification,” he said, “almost everything else… is confidential”.

Sen. Toomey explained that the SEC Chairman “did not go on to say how he would apply the existing frameworks that we use to regulate the issuance and trading of securities to a new technology.” very, very new and very different, where some of these things don’t fit – like depository rules, clearance rules – these don’t have any application. He did not provide any clarity on that. “

Toomey chooses:

I think, in fact, Congress should step in and give some guidance.

“I think cryptocurrencies are different enough even if you wanted to argue that these tokens are securities,” the senator further noted, adding that it is indisputable that crypto is “very different from stocks or bonds, and so Congress should step in and provide a framework. “

The legislator concluded:

Meanwhile, Chairman Gensler owes us more for how and why he intends to apply SEC regulations.

Gensler recently disclosure that he asked the staff at the Commission to Refine Crypto Compliance. Additionally, he said he has “required SEC staff to work directly with entrepreneurs to register and administer their tokens, as appropriate, as securities.” The Securities Regulatory Authority is also setting up dedicated office to review cryptocurrency records.

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

Kevin Helms

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

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