Category: Pat Toomey

Custodial crypto lending and staking products ‘take on all the indicia’ of securities, Gensler tells The Block

Custodial crypto lending and staking products ‘take on all the indicia’ of securities, Gensler tells The Block

Securities and Exchange Commission chairman Gary Gensler indicated Tuesday that crypto lending and staking platforms that hold custody of user funds could fall under U.S. securities laws and, as a result, his agency’s oversight. Following a hearing before the Senate Banking Committee, Gensler told The Block that Congress in its 1933 Securities Act and 1934 […]

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Senator Toomey calls for suggestions on US crypto legislation

Senator Toomey calls for suggestions on US crypto legislation

Senator Pat Toomey (R-PA) is looking for feedback on how better to legislate for crypto and blockchain. Per an August 26 announcement shared with The Block, Toomey, the Banking Committee’s senior Republican, is “soliciting ideas and legislative proposals to ensure federal law supports the development of emerging cryptocurrency and open blockchain network technologies while continuing […]

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US Senators and Treasury Reach Agreement on Crypto Requirements in Infrastructure Bill

US Senators and Treasury Reach Agreement on Crypto Requirements in Infrastructure Bill

Five U.S. senators have been working with the Treasury Department and have come up with a compromise crypto amendment to the $1.2 trillion infrastructure bill. “We’ve worked with the Treasury Department to clarify the underlying text and ensure that those who are not acting as brokers will not be subject to the bill’s reporting requirements.” […]

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Sen. Portman throws support behind amendment to his crypto provision in infrastructure bill

Sen. Portman throws support behind amendment to his crypto provision in infrastructure bill

In a Thursday tweet, Senator Rob Portman voiced support for an amendment from Senators Wyden Toomey and Lummis that would explicitly exempt some types of crypto-related businesses from being considered as brokers under a tax provision that included a still-in-development infrastructure bill. Portman’s support is especially notable because it was his language in the original […]

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Federal Reserve governor says private stablecoins are likely better than CBDCs

Federal Reserve governor says private stablecoins are likely better than CBDCs

In a speech before the American Enterprise Institute on Aug. 5, Federal Reserve governor Christopher Waller expressed doubt about the touted benefits of a central bank digital currency (CBDC).  “I remain skeptical that a Federal Reserve CBDC would solve any major problem confronting the U.S. payment system,” said Waller. He cited a fairly free market […]

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US Senator Invests in Bitcoin and Ethereum via Grayscale

US Senator Invests in Bitcoin and Ethereum via Grayscale

U.S. Senator Patrick Toomey has declared investments in Grayscale’s bitcoin and ethereum trusts. His declaration shortly followed one by fellow congressman, U.S. Representative Barry Moore, who declared that he had invested in dogecoin, ether, and cardano. Senator Pat Toomey’s Cryptocurrency Investments A growing number of U.S. lawmakers are investing in cryptocurrencies or crypto-related investments. According […]

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Senator Pat Toomey buys into Grayscale’s Bitcoin and Ether trusts

Senator Pat Toomey buys into Grayscale’s Bitcoin and Ether trusts

Per financial disclosures filed on July 7, Senator Pat Toomey (R-PA) has invested in two of Grayscale’s major cryptocurrency products. The records indicate that Toomey purchased between $1,000 and $15,000 each of Grayscale Ethereum Trust and Grayscale Bitcoin Trust on successive days in the middle of June.  Toomey’s purchases make him one of the first […]

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