Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto - Ep. 399
Pat Toomey, U.S. Senator for Pennsylvania, talks about legislation in the crypto industry, how to determine if something is a security, the future of CBDCs, and much more.
Show highlights:
- the structural differences between crypto tokens and securities
- why Sen. Toomey is demanding crypto legislation
- why “regulation by enforcement” does not provide clarity
- how to determine if a token is decentralized
- whether proof of stake consensus turns tokens into securities
- Sen. Toomey’s take on the new framework for stablecoin regulation
- whether it is appropriate to ban algorithmic stablecoins
- the importance to make disclosures so that regular users understand the risks of crypto
- how the collapse of Terra and other crypto companies like Voyager and Celsius affected lawmakers’ perception of crypto
- whether the US Treasury made a mistake with the Tornado Cash sanctions
- what the government should take into account in regards to a central bank digital currency (CBDC)
- why he believes the White House reports on crypto are not helpful and whether entrepreneurial talent is migrating to other countries
- the likelihood of any of the crypto bills passing soon
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Sen. Toomey
Previous Coverage of Unchained on regulation:
- Congressman Ro Khanna: How to Get More Democrats into Web3
- The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay?
- Why the Crypto Industry Believes SEC Regulation by Enforcement Hurts US Consumers
SEC Views
Gary Gensler’s comments on PoS tokens
Sen. Toomey’s opinion
White House Reports
Stablecoins
- Stablecoin Draft Bill
- Bloomberg article: Senator Pat Toomey Still Sees Chance of Stablecoin Legislation This Year
- Sen. Toomey’s framework for payment stablecoins that he released last spring
Tornado Cash
- Treasury Press release
- Previous coverage of the Tornado Cash Sanctions on Unchained:
- Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No
- Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?
- The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
- Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
- Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury
Ian Balina charges
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