On Thursday, August 26, the U.S. Senate Committee that oversees urban affairs, housing, and banking made an announcement. The announcement stated that requests were being made by Pat Toomey, a ranking member, to clarify the laws around blockchain tech and cryptocurrencies. The collection of proposals, which will all be published post-collection, started from August 26 and will go on until September 27.
Senator Toomey had quite a few things to say regarding the announcement. One of the first things he said was that he is currently open to legislative proposals and ideas that aim to support blockchain tech and crypto through federal law. He also stressed the importance of protecting the interests of crypto investors. Senator Toomey expressed concern regarding the ambiguity of existing laws in relation to cryptocurrencies as well.
According to experts, the proposals will most likely address issues like crypto security, money transmission, and payment supervision, crypto exchanges, stablecoins, and more. Senator Toomey also added that blockchain tech and crypto have the potential to be revolutionary. He even stated that crypto opens up new doors for investors in terms of financial independence and wealth building.
All in all, Senator Toomey’s enthusiasm to regulate crypto in the US is a good thing. It will ensure that all activities related to cryptocurrencies in the country are governed by law. It will also reduce the risks that investors face in the crypto industry. In the long run, early regulation development can ensure that the US remains at fintech and crypto innovation’s forefront.