US Republican Senator Pat Toomey has joined the league of pro-crypto senators as he called for input from industry leaders to make crypto regulations in the US more clear and transparent. Toomey, a Senor Republican on the Banking committee announced on Wednesday that they seek “soliciting ideas and legislative proposals to ensure federal law supports the development of emerging cryptocurrency and open blockchain network technologies while continuing to protect crypto investors.”
The US Senate is currently divided on crypto regulations into two parts, one led by President’s working committee members including Treasury Secretary Janet Yellen who also lobbied for the anti-crypto amendment in the Infrastructure bill. On the other hand, the likes of Cynthia Lummis and Hester Pierce are demanding regulations that can support innovation.
Toomey believes blockchain and cryptocurrencies would be as revolutionary as the Internet that could build financial independence. He explained,
“Not only might cryptocurrency and blockchain technologies be as revolutionary as the internet, they also have the potential to build wealth and financial independence for individuals who are empowered to engage in financial transactions directly with each other, free from oft-costly middlemen.”
Sen. Toomey Becomes New Crypto Crusader in US Senate
Over the past few months, Senator Toomey has emerged as the flag bearer for the crypto community and even announced a compromise in the crypto clause of the infamous Infrastructure bill. The banking committee’s call for suggestions on crypto regulations requires senders to provide a brief description of the proposal and how it would encourage crypto and blockchain growth.
The second half of 2021 is going to prove very critical for the crypto market in terms of regulations. The growing pressure on US regulators to frame laws around the crypto market could lead to some form of regulatory guidelines being presented by the SEC. There is a lot of hype around the approval of Bitcoin Futures ETF as well, where a Bloomberg analyst has claimed that the US could see its first crypto ETF by October this year.