Bankless Senator Pat Toomey's Concerns about the SEC & Crypto
Dec 1, 2022
Senator Pat Toomey, the crypto-friendly lawmaker from Pennsylvania, dives into the aftermath of the FTX collapse and what it means for future cryptocurrency regulation. He discusses the U.S.'s need for a clear regulatory framework to protect consumers while fostering innovation. Toomey also highlights America's competition with other nations in tech like China, emphasizing the importance of blockchain for national security and economic growth. He encourages the crypto community to engage politically to influence legislation and ensure that America leads in this vital sector.
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Crypto's Transformative Potential
- Senator Toomey sees crypto's potential as transformative, similar to the early internet.
- He believes the underlying technology, not individual token values, holds the key.
Risks of Missing Crypto
- The US risks missing a technological wave if it doesn't embrace crypto.
- This could lead to job losses and diminished national security.
China's CBDC and the Dollar
- China's CBDC raises surveillance concerns for Senator Toomey.
- He advocates for stablecoins to maintain the dollar's dominance.