Senator Toomey calls for suggestions on US crypto legislation

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Senator Pat Toomey (R-PA) is looking for feedback on how better to legislate for crypto and blockchain.

Per an August 26 announcement shared with The Block, Toomey, the Banking Committee's senior Republican, is "soliciting ideas and legislative proposals to ensure federal law supports the development of emerging cryptocurrency and open blockchain network technologies while continuing to protect crypto investors."

The call for proposals highlighted high-profile areas like securities laws as they apply to crypto issuance and proper regulatory regimes for stablecoins and cryptocurrency exchanges.

The announcement quoted Toomey as saying: 

"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."

The committee is further requesting "[a] brief description of the proposal and how it will encourage the growth of cryptocurrency and blockchain technology in the United States" sent to [email protected]

The window to provide feedback starts today and runs until September 27, per the announcement.

Toomey has emerged in recent months as a highly visible crypto advocate. He was especially critical in the recent Senate fight over language that appeared in the infrastructure bill aiming to treat blockchain network participants as brokers for the purposes of tax reporting. 

Image credit: Christopher Halloran / Shutterstock.com

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