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Republican Senator Pat Toomey has requested the public to give their opinion on the regulation of cryptocurrency and blockchain technologies. The Senator has asked the public to give their input to form legislation that is beneficial to them. He also stresses keeping tight security for the investors so that their transactions are secure in this volatile sector.
Senator Pat Toomey, R.Pa. a ranking member on the Senate Banking Committee has put a unique request in front of the public of the U.S. The key Senate Republican is seeking public input on how best to design legislation that aims to support cryptocurrency and blockchain technologies while protecting investors.
The senator has decided to use the feedback and propose a bill that clears the ambiguity around how existing laws, especially in the tax and securities arena, may apply to cryptocurrencies.
As per the release issued, Toomey said that instead of ignoring or suppressing cryptocurrency-related technologies, regulators and legislators alike, it is important to recognize that open and public networks are here to stay. It is imperative that laws and regulations must adapt to these developments.
The senator has requested the people to submit their responses by September 27. The responses will be based on the issues like securities implications of cryptocurrencies, custody regulation, and investor and consumer protection.
Under the proposal, the incumbent will also have to mention how it would encourage the growth of cryptocurrency and blockchain technology in the U.S. and proposed legislative language.
Toomey further added that, unlike the internet, cryptocurrency and blockchain technologies are as revolutionary as the internet. They also have the potential to build wealth and financial independence for individuals who have the power to engage in financial transactions directly with each other, free from the costly middlemen.
Toomey believes that cryptocurrency is the future of the nation and that is why Congress needs to get this right and ensure that the United States remains at the forefront of cryptocurrency and fintech innovation. Toomey is very hopeful of receiving some intellectual responses that will help in forming thoughtful legislation.
Gary Gensler, Chairman, Securities and Exchange Commission is also focused on cryptocurrency regulations. He shared his sentiments earlier in August regarding cryptocurrency regulations. He believes that the SEC requires broader authority from Congress to protect cryptocurrency investors.
There is a need for extra Congressional authorities to prevent transactions, products and platforms from falling between regulatory cracks. More resources are also needed to protect the investors in the growing and volatile sector.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
