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Former Senator Behind Crypto Laws:

Why Ex-Senator Pat Toomey Doubtful About Today’s Congress The article reports on the views of former U.S. Senator Pat Toomey, who now sits on the global advisory council at Coinbase, a leading cryptocurrency exchange. Toomey was one of the most pro-crypto lawmakers in the previous Senate, and he tried to push his own crypto legislation […]

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Why Ex-Senator Pat Toomey Doubtful About Today’s Congress

The article reports on the views of former U.S. Senator Pat Toomey, who now sits on the global advisory council at Coinbase, a leading cryptocurrency exchange. Toomey was one of the most pro-crypto lawmakers in the previous Senate, and he tried to push his own crypto legislation through Congress before leaving at the start of the year. However, he failed to get enough support from his colleagues, especially from the Senate Banking Committee, which is chaired by Senator Sherrod Brown, a vocal critic of cryptocurrencies.

Toomey said that he does not see how the current Senate will be able to pass any crypto legislation, despite the recent progress made by the House of Representatives, which has cleared multiple crypto bills for floor votes. He said that he thinks a bill on stablecoins, which are digital tokens that are pegged to fiat currencies or other assets, would have the best chance of getting through, but he is not optimistic.

Toomey discussed SEC’s actions on crypto firms like Coinbase and Uniswap, accused of breaking securities laws. He said that he thinks the SEC is overstepping its authority and that it should provide clear guidance to the industry instead of pursuing enforcement actions.

The article also quotes Faryar Shirzad, the chief policy officer at Coinbase, who said that he sees some hope in the fact that Senator Brown has not committed to any specific legislative response to crypto, despite his criticism. He said that this might indicate that Brown is open to learning more about the technology and its potential benefits.

The article notes the crypto industry awaits U.S. regulatory clarity, facing SEC legal challenges during this uncertain period. Senator Brown’s ambiguous stance on crypto may prove beneficial or detrimental, depending on his future actions.

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