US Republican Senator Pat Toomey has joined the camp of pro-crypto senators by requesting comments from industry executives on how to improve the clarity and transparency of crypto regulations in the US.
Toomey, a Republican senator who serves on the Banking Committee, announced on Wednesday that they are seeking “ideas and legislative proposals to ensure that federal law supports the development of emerging cryptocurrency and open blockchain network technologies while continuing to protect crypto investors.”
The US Senate is now divided on crypto regulation, with one side led by members of President Donald Trump’s working committee, including Treasury Secretary Janet Yellen, who also advocated for the anti-crypto amendment in the Infrastructure bill. On the other side, advocates for innovation such as Cynthia Lummis and Hester Pierce are calling for policies that foster invention.
“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.”
Senator Toomey has emerged as the crypto community’s spokesman in recent months, even announcing a compromise on the controversial Infrastructure bill’s crypto section. The banking committee’s request for proposals on cryptocurrency regulation wants senders to include a brief summary of their proposal and how it will promote crypto and blockchain growth.
The second half of 2021 will be a watershed moment for the cryptocurrency economy in terms of regulation. The mounting pressure on US regulators to enact legislation regulating the crypto market may result in the SEC presenting some type of regulatory guidance. There is also considerable buzz surrounding the introduction of Bitcoin Futures ETFs, with one Bloomberg analyst claiming that the US could see its first crypto ETF by October.
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