Does Pat Toomey Support Crypto?

Based on previous comments, Pat Toomey has indicated they are very pro-cryptocurrency. Below you can view the tweets, quotes, and other commentary Pat Toomey has made about Bitcoin, Ethereum, and cryptocurrency innovation.

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Very Pro-Crypto

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Pat Toomey
@SenToomey
Congress’ failure to pass legislation creating regulatory guardrails for crypto trading, combined with the complete hostility and lack of transparency by @SECGov, has generated a debilitating amount of legal uncertainty.
· via Twitter
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Very Pro-Crypto

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Pat Toomey
@SenToomey
More broadly speaking, the crypto sector has been operating with far too much ambiguity because (a) regulators refuse to give well-meaning actors clear guidance and (b) lawmakers refuse to act. We should start by finding common ground in the lame duck with stablecoin regulation.
· via Twitter
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Very Pro-Crypto

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Pat Toomey
@SenToomey
But the SEC’s regulation-by-enforcement approach to digital assets poses a serious challenge for any well-meaning innovator who’s striving to comply with existing laws and regulations. Providing regulatory clarity prior to enforcement would benefit regulators and investors alike.
· via Twitter
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Very Pro-Crypto

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Pat Toomey
@SenToomey
@SecYellen With this commitment from the administration, I'm optimistic that Republicans and Democrats in Congress can come together to provide greater clarity and consumer protection so stablecoins can continue to grow and thrive.
· via Twitter
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Very Pro-Crypto

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Pat Toomey
@SenToomey
Rather than reflexively pumping the brakes on banks using new technologies like crypto and stablecoins, regulators should provide clear pathways for innovation with Congressional authorization. The FDIC’s directive underscores the need for Congress to provide regulatory clarity.
· via Twitter
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Very Pro-Crypto

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Pat Toomey
@SenToomey
I'm hopeful today's conversation makes progress on finding that middle ground, so that America can continue to develop the most groundbreaking technologies—including cryptocurrencies—and create a framework that will both protect and empower consumers.
· via Twitter
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Very Pro-Crypto

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Pat Toomey
@SenToomey
In its stablecoin report, the administration recommended a path that's even narrower than requiring all stablecoin issuers to be highly regulated banks. This is the wrong path. In fact, most stablecoins are currently issued under state licenses and charters.
· via Twitter
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Very Pro-Crypto

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Pat Toomey
@SenToomey
Today’s report is an important step by the Fed in acknowledging the permanence of #crypto and their underlying technologies. I look forward to working with the @federalreserve and my colleagues in Congress to consider the authorization of a properly designed CBDC.
· via Twitter
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Very Pro-Crypto

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Pat Toomey
@SenToomey
While mentioning the importance of CBDC privacy, I’m concerned the Fed doesn't clearly explain how it would protect consumer data. There’s also a question in my mind whether the report implies that a CBDC would not allow for direct peer-to-peer transactions. This is fundamental.
· via Twitter
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Very Pro-Crypto

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Pat Toomey
@SenToomey
I’m encouraged the report acknowledges the need for clear support from Congress prior to the issuance of a CBDC. The report also rightfully recognizes that the Fed offering retail accounts is not only a terrible idea, but also impermissible by law.
· via Twitter
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Very Pro-Crypto

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Pat Toomey
@SenToomey
Now isn’t the time for the IRS to pick winners and losers with a new technology. Crypto has the potential to be the future of the internet. How foolish to crush it over a tax provision that possibly raises just $500 million per year more in a $1.2 TRILLION bill.
· via Twitter
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Very Pro-Crypto

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Pat Toomey
@SenToomey
While I appreciate that my colleagues and the White House have acknowledged their original crypto tax had flaws, the Warner-Portman amendment picks winners and losers based on the type of technology employed. That’s horrible for innovation.
· via Twitter
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Very Pro-Crypto

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Pat Toomey
@SenToomey
The Warner-Portman plan exempts bitcoin miners, but not other transaction validators or software developers who create these platforms. What does that mean? Two identical services could receive dramatically different regulatory treatment depending on the technology used.
· via Twitter
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Very Pro-Crypto

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Pat Toomey
@SenToomey
.@USTreasury wants maximum flexibility to regulate and tax crypto as they see fit. Congress should not allow that to happen. We need to have this debate in public and in full, especially before potentially disruptive changes are made that push crypto overseas.
· via Twitter
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