Does Pat Toomey Support Crypto?

Pat Toomey

@SenToomey

I'm glad the SEC finally approved Bitcoin ETFs. This is good news for investors and financial innovation. But the Chairman's statement denigrating the entire crypto industry was a mistake.

2024-01-11T18:20:14.000Z · via Twitter

Pat Toomey

@SenToomey

Great news and long overdue. Bitcoin ETFs are finally open to investors. wsj.com/finance/regula…

2024-01-10T23:03:33.000Z · via Twitter

Pat Toomey

@SenToomey

The Court of Appeals for the District of Columbia today upheld the rule of law and properly served American consumers by vacating the “arbitrary and capricious” decision of the SEC denying Grayscale’s application to convert its Bitcoin Trust to an ETF. cadc.uscourts.gov/internet/opini…

2023-08-29T18:51:59.000Z · via Twitter

Pat Toomey

@SenToomey

For those of us who care about crypto, and think it’s past time for Congress to act on it, take a look at the new Stand with Crypto alliance. standwithcrypto.org/?action=join-s…

2023-08-17T21:30:53.000Z · via Twitter

Pat Toomey

@SenToomey

Here is a common sense, thoughtful piece on stablecoin legislation by @brendanpmalone . policy.paradigm.xyz/writing/The-Fu…

2023-07-26T23:56:03.000Z · via Twitter

Pat Toomey

@SenToomey

I joined @BloombergTV following last week's "Ripple ruling" to share my views on what it means for the cryptocurrency industry, American consumers, and where we go from here. youtu.be/-I2GJMKF3ZQ

2023-07-17T13:32:46.000Z · via Twitter

Pat Toomey

@SenToomey

RT @malekanoms: The rest of the world is moving to adopt #crypto—from the EU and other parts of Europe to regional powers like Brazil, Japa…

2023-06-28T22:03:58.000Z · via Twitter

Pat Toomey

@SenToomey

Stablecoins are an exciting technological development that could transform money & payments. I hope this framework lays the groundwork for my colleagues to pass legislation next year safeguarding customer funds without inhibiting innovation. banking.senate.gov/newsroom/minor…

2022-12-23T18:33:22.000Z · via Twitter

Pat Toomey

@SenToomey

The collapse of FTX is not an indictment of crypto. It’s an indictment of those who misused customer assets. As I’ve said for months, Congress needs to give regulatory clarity so business flows to prudent, sensible, well-regulated American crypto exchanges. pic.twitter.com/oXKZdawO0m

2022-12-14T14:33:14.000Z · via Twitter

Pat Toomey

@SenToomey

RT @BanklessHQ: “It’s crazy to blame it on crypto.”

@SenToomey came on today and dropped bombshells on not only Bankless, but crypto an…

2022-12-01T17:13:19.000Z · via Twitter

Pat Toomey

@SenToomey

RT @BanklessHQ:

LIVESTREAM

Frustrated by the @SECGov's (mis)handling of cryptos? So is @SenToomey... This is one episode you won't wan…

2022-11-29T21:55:52.000Z · via Twitter

Pat Toomey

@SenToomey

It certainly appears FTX committed an egregious failure in not treating customer assets as segregated assets. If people had access to regulated crypto custody services, they might sleep more comfortably knowing those assets were unlikely to be used for inappropriate purposes. pic.twitter.com/iRE24rKDy8

2022-11-15T21:10:27.000Z · via Twitter

Pat Toomey

@SenToomey

These failures have driven crypto development to foreign jurisdictions that have little or insufficient regulation. We’re now seeing the consequences in the failure of @FTX_Official.

2022-11-12T00:43:33.000Z · via Twitter

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.

2022-11-12T00:43:33.000Z · via Twitter

Pat Toomey

@SenToomey

The impact to Americans from today’s bankruptcy filing by @FTX_Official might have been mitigated if there were a sensible, legislatively authorized, American regulatory framework for digital assets.

2022-11-12T00:43:33.000Z · via Twitter

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.

2022-11-10T18:22:28.000Z · via Twitter

Pat Toomey

@SenToomey

It was great speaking with @CFR_org about the future of crypto, free trade, and how to hold Russia accountable for its war in Ukraine. Watch our full discussion here

https://t.co/Zkm6kuHm1C

2022-10-17T14:58:23.000Z · via Twitter

Pat Toomey

@SenToomey

This unsubstantiated claim of jurisdiction underscores the need for Congress to enact a clear regulatory framework for payment stablecoins ASAP!

2022-10-14T21:57:51.000Z · via Twitter

Pat Toomey

@SenToomey

.@GaryGensler’s assertion—without public analysis or justification—that dollar-backed stablecoins “could well be securities” is emblematic of the @SECGov’s failure to provide clarity on its approach to digital assets. pic.twitter.com/zj9ZWHVCDu

2022-10-14T21:52:53.000Z · via Twitter

Pat Toomey

@SenToomey

.@GaryGensler owes investors and innovators alike more clarity on how he intends to apply @SECgov regulations to digital assets. pic.twitter.com/S8bz0tOmk7

2022-09-15T14:00:31.000Z · via Twitter

Pat Toomey

@SenToomey

RT @TheStalwart: NEW ODD LOTS: @tracyalloway and I talked to Pennsylvania Republican @SenToomey on the sorry state of crypto regulation.…

2022-09-15T13:53:18.000Z · via Twitter

Pat Toomey

@SenToomey

While #crypto has the potential to become part of our everyday lives, the current tax code stands in the way. @SenatorSinema and I are teaming up to make it easier to use digital currencies as a common method of payment by exempting from taxes small personal transactions. pic.twitter.com/B6K3jT7GBC

2022-07-26T15:38:31.000Z · via Twitter

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.

2022-07-22T20:35:55.000Z · via Twitter

Pat Toomey

@SenToomey

Their blanket rejection of numerous Bitcoin spot ETFs—despite the SEC’s prior approvals of Bitcoin futures ETFs—demonstrates how this SEC has arbitrarily chosen to deny investors access to financial products.

2022-07-01T11:24:19.000Z · via Twitter

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.

2022-05-10T17:38:57.000Z · via Twitter

Pat Toomey

@SenToomey

Glad to hear @SecYellen acknowledge the need for Congress to pass legislation that creates a sensible regulatory framework for stablecoins. pic.twitter.com/GXVvcKcKUb

2022-05-10T17:38:35.000Z · via Twitter

Pat Toomey

@SenToomey

That’s why I recently released the Stablecoin TRUST Act, which allows stablecoin issuers to choose from three different options: obtaining a new federal license, operating under state authority, or becoming a bank.

2022-04-11T16:16:59.000Z · via Twitter

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.

2022-04-11T16:16:59.000Z · via Twitter

Pat Toomey

@SenToomey

This short-sighted action—taken without a Senate-confirmed chairman or legislation—could have a chilling effect on any bank considering offering crypto services.

2022-04-11T16:16:58.000Z · via Twitter

Pat Toomey

@SenToomey

The @FDICgov's restrictive new #crypto reporting requirement is the latest effort to illegitimately discourage banks from offering digital assets. Fintechs and other non-banks are permitted to enter this field—banks should be able to, too. twitter.com/CoinDesk/statu…

2022-04-11T16:16:58.000Z · via Twitter

Pat Toomey

@SenToomey

While there has been virtually no evidence of Russia meaningfully using crypto to evade sanctions, Ukraine has been actively utilizing crypto to do tremendous good. Crypto donations for Ukraine have reached roughly $100M, helping Ukrainians defend against Russia’s invasion. pic.twitter.com/v8Xygx85OM

2022-03-17T16:40:51.000Z · via Twitter

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.

2022-02-15T14:45:54.000Z · via Twitter

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.

2022-02-15T14:45:53.000Z · via Twitter

Pat Toomey

@SenToomey

Today @BankingGOP will hear from Nellie Liang, @USTreasury Under Secretary for Domestic Finance and a key contributor to the Biden administration's stablecoin report.

2022-02-15T14:45:52.000Z · via Twitter

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.

2022-01-20T22:58:17.000Z · via Twitter

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.

2022-01-20T22:58:16.000Z · via Twitter

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.

2022-01-20T22:58:16.000Z · via Twitter

Pat Toomey

@SenToomey

Cryptocurrencies, digital assets, and their underlying technologies offer tremendous potential benefits. As such, I’m glad the @federalreserve has constructively contributed to the necessary ongoing public discussion regarding the issuance of a CBDC. twitter.com/forbes/status/…

2022-01-20T22:58:16.000Z · via Twitter

Pat Toomey

@SenToomey

Stablecoins are an exciting new technology that create opportunities for faster payments, expanded access to the payment system, programmability, and more. I hope my colleagues will join me in working to create a sensible regulatory regime that allows this innovation to thrive. pic.twitter.com/DRUvKvErgx

2021-12-14T21:35:30.000Z · via Twitter

Pat Toomey

@SenToomey

It was great meeting with @CFTCbehnam today to discuss the importance of regulatory clarity for cryptocurrencies. Lawmakers and regulators alike must work to continue America’s longstanding tradition of fostering technological innovation—not stifling it. pic.twitter.com/DVAcc7LvOI

2021-11-03T17:26:48.000Z · via Twitter

Pat Toomey

@SenToomey

China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.

2021-09-24T13:45:36.000Z · via Twitter

Pat Toomey

@SenToomey

Chairman @GaryGensler and the SEC must lay out clear guidelines on what cryptocurrencies they view as securities. Regulation by enforcement is extremely objectionable and will kill domestic innovation. Watch my full interview with @SquawkCNBC. pic.twitter.com/DLqIFT3SGh

2021-09-15T18:13:11.000Z · via Twitter

Pat Toomey

@SenToomey

I’m glad to announce @MarkWarner, @SenLummis, @SenatorSinema, @senrobportman and I have reached an agreement on an amendment that fixes crypto reporting requirements in the infrastructure bill. Full details: banking.senate.gov/newsroom/minor… twitter.com/SenToomey/stat…

2021-08-09T16:58:35.000Z · via Twitter

Pat Toomey

@SenToomey

Senators Toomey and Lummis Hold Press Conference on Agreement to Fix Digital Asset Reporting Requirements in the Infrastructure Bill twitter.com/i/broadcasts/1…

2021-08-09T15:32:01.000Z · via Twitter

Pat Toomey

@SenToomey

RT @tedcruz:

The Senate is on the verge of passing legislation that would be TERRIBLE for cryptocurrency.

The infrastructure deal con…

2021-08-07T19:57:31.000Z · via Twitter

Pat Toomey

@SenToomey

RT @genesimmons: I support the Wyden-Loomis-Toomey amendment re crypto currencies and DeFi.

2021-08-07T19:57:24.000Z · via Twitter

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.

2021-08-06T19:44:51.000Z · via Twitter

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.

2021-08-06T19:44:50.000Z · via Twitter

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.

2021-08-06T19:44:50.000Z · via Twitter

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.

2021-08-06T19:44:50.000Z · via Twitter

Pat Toomey

@SenToomey

While Congress works to better understand and legislate on issues surrounding the development and transaction of cryptocurrencies, it should be wary of imposing burdensome regulations that may stifle innovation.

2021-08-04T18:02:50.000Z · via Twitter

Pat Toomey

@SenToomey

The bipartisan infrastructure package includes a hastily-designed tax reporting regime for cryptocurrency. Simply put, the text is unworkable. I plan to offer an amendment to fix it. banking.senate.gov/newsroom/minor…

2021-08-02T20:14:02.000Z · via Twitter