US Senator Wants Congress to Step in With Crypto Guidance — Urges SEC to Provide Much More Clarity on Regulations – Regulation Bitcoin News

U.S. Senator Pat Toomey says Congress should step in and provide a regulatory framework for cryptocurrency. crypto bitcoin

He stressed that the U.S. Securities and Exchange Commission is not sharing its framework for regulating crypto with lawmakers, noting that Chairman Gary Gensler “owes us much more clarity on how and why he intends to apply SEC regulations.”U.S. Senator Pat Toomey , a ranking member of the Senate Banking Committee, discussed cryptocurrency regulation in an interview with Bloomberg Thursday.

Commenting on whether the U.S. Securities and Exchange Commission is too slow in regulating cryptocurrency, he opined: “I think the problem is that the SEC isn’t sharing with us the framework that they are using.”most crypto tokens are securitiesGary Gensler famously argues that virtually all crypto tokens are securities. I think reasonable people can disagree with that.from that classification,” he said that “pretty much everything else … is a security.

Senator Toomey explained that the SEC chairman “doesn’t go on to say how he would apply the existing frameworks that we use to regulate securities issuance and trading to a very, very new and very different technology where some of these things don’t fit — like custody rules, clearance rules — these things don’t have any application. He hasn’t provided any clarity on that.

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