US lawmaker urges congressional action on crypto as government avoids shutdown

US lawmaker urges congressional action on crypto as government avoids shutdown

One of the top senators of the Senate Banking Committee is Pennsylvania Senator Pat Toomey. He suggested that Congress pass legislation if the Securities and Exchange Commission (SEC), fails to provide enough guidance regarding cryptocurrencies.

Toomey made a Friday announcement to the Senate Banking Committee that he was unhappy with the answers SEC chair Gary Gensler provided regarding the differences between securities, commodities and token projects and stablecoins. Glass Lewis was accused of similar accusations of providing “fraudulent or misleading information” and questioned the apparent disparities in enforcement actions by the SEC between crypto firms and advisory service companies.

Toomey stated that investors should be able to enjoy a fair and competitive market if federal agencies answer questions about new and emerging technologies and whether or not they fit within existing regulations. “The failure of Chairman Gensler to set clear guidelines for cryptocurrency is a sign that Congress must act.”

Toomey supported the launch of a digital currency by the U.S. central bank and stated that he would support President Joe Biden’s choice for the next Federal Reserve Chair, Jerome Powell. The senator also supported a bipartisan effort to amend provisions in the recently passed infrastructure bill to exclude developers, miners, and other crypto-related persons. After Biden signed the bill into law in August, other U.S. lawmakers proposed solutions to tax reporting requirements. Toomey stated that Congress would have to “have it in later legislation.”

Related: Lawmakers resist crypto provisions in the infrastructure bill

Although Congress has yet to act on crypto, Toomey suggested that the Senate and House were busy passing a bill to extend funding for the U.S. government until February 18, in an attempt not to shut down the government. Today, President Biden signed into law the “Further Extending Government Funding Act”.

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