Senator Pat Toomey of Pennsylvania said China’s authoritarian crackdown on cryptocurrency should take advantage of the United States.
To seize the opportunity, US regulators need to change ways to “regulate by enforcement,” according to Banking Commission rating member Tommy, who recently lobbied Securities and Exchange Commission (SEC) Chairman Gary Gensler to provide clear public guidance surrounding current crypto regulation, including stablecoins.
A ‘big opportunity’ for the United States
“China’s authoritarian crackdown on cryptocurrencies, including bitcoin, is a huge opportunity for the US, as well as a reminder of our huge structural advantage over China,” Tommy said on Twitter.
Chinese authoritarian crackdown on cryptocurrency, including # bitcoinIt is a great opportunity for the United States and a reminder of our enormous structural advantage over China.
Senator Pat Toomey (@SenToomey) September 24, 2021
“Economic freedom leads to faster growth and, ultimately, a higher standard of living for everyone,” he said, while noting that China’s hostility to economic freedom is closing the door to “what is arguably the most exciting innovation in finance in decades.”
Tommy recently raised alarm about the lack of transparency and objectivity surrounding the current state of crypto regulation in the country, insisting that the Securities and Exchange Commission establish clear guidelines on what cryptocurrencies they view as securities.
President Tweet embed And the Securities and Exchange Commission should set clear guidelines about what cryptocurrencies they view as securities. Regulation by implementation is highly objectionable and will kill local innovation.
Watch my full interview with Tweet embed. pic.twitter.com/DLqIFT3SGh
Senator Pat Toomey (@SenToomey) September 15, 2021
List of questions
As the latest chapter in Beijing’s war on cryptocurrencies begins, Tommy, who believes that the US should build on the momentum, continues to stress that “regulation through enforcement is highly unacceptable and will kill domestic innovation.”
at recent days Message To SEC President Gensler, the senator asked for “detailed answers” to a List of questionsIt was introduced to provide both Congress and industry insiders with clarity on the current regulation of cryptocurrencies.
“For investors to benefit from a fair and competitive market, regulators must proactively provide rules of the road to the industry. Unfortunately, the Securities and Exchange Commission has instead adopted a strategy of regulation by enforcement in this area,” read the letter, which came as a follow-up to Gensler’s testimony before Senate Banking Committee September 14th.
Tommy shares Tommy’s concerns about the SEC’s lack of regulatory clarity by others, including Securities and Exchange Commission commissioners Hester Pierce and Elad Roesman.
“Please provide detailed answers so that innovators have the guidance they need to ensure local investment and innovation in these technologies,” Tommy Gensler asked, urging him above all to “identify the specific characteristics that distinguish a cryptocurrency that is security from what is considered a commodity.”
Among other things, Toomey also asked Gensler to detail the “threshold of a token to be considered decentralized” and asked for a detailed explanation of the analysis applied to the stablecoin rating.
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