Pat Toomey, Senator of Pennsylvania who is one of the senior members of the Senate Banking Committee has recommended that the parliament proceed with legislation If the Securities and Exchange Commission (SEC) is unable to provide adequate guidance on Crypto
In an announcement Friday from the Senate Banking Committee Toomey saidHe was dissatisfied with the responses SEC Chairman Gary Gensler gave about the differences between securities and commodities related to the token and stablecoins project.
“To enable investors to benefit from a fair and competitive market Federal agencies should answer the question – how will this emerging technology fit under existing regulations?” Toomey said. cryptocurrencies underscores the need for Parliament to act.”
Previously, Toomey came out in support of the US government. that launched a central bank digital currency and said he would vote in favor of President Joe Biden to choose the next Federal Reserve chair, Jerome Powell. The senator is also behind efforts to amend certain provisions in the recently passed infrastructure law. So it doesn’t apply to developers, mining rigs, and others in the crypto space.
Other US lawmakers have introduced solutions to the tax reporting requirements after Biden signed the bill, according to Toomey. said Congress “must act on the laws that follow.”
The post “The SEC President’s Failure to Establish Clear Rules for Crypto Underscores the Need for Congress to Take Action,” said one of the senators, appeared first on Bitcoin Addict.