Pat Toomey, U.S. Senator for Pennsylvania, talks about legislation in the crypto industry, how to determine if something is a security, the future of CBDCs, and much more. 

 

Show highlights:

• the structural differences between crypto tokens and securities
• why Sen. Toomey is demanding crypto legislation
• why “regulation by enforcement” does not provide clarity
• how to determine if a token is decentralized
• whether proof of stake consensus turns tokens into securities
• Sen. Toomey’s take on the new framework for stablecoin regulation
• whether it is appropriate to ban algorithmic stablecoins
• the importance to make disclosures so that regular users understand the risks of crypto
• how the collapse of Terra and other crypto companies like Voyager and Celsius affected lawmakers’ perception of crypto
• whether the US Treasury made a mistake with the Tornado Cash sanctions
• what the government should take into account in regards to a central bank digital currency (CBDC)
• why he believes the White House reports on crypto are not helpful and whether entrepreneurial talent is migrating to other countries
• the likelihood of any of the crypto bills passing soon

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1inch

Crypto.com

Messari

Sen. Toomey

Twitter 

 

Previous Coverage of Unchained on regulation:

 

• Congressman Ro Khanna: How to Get More Democrats into Web3

• The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay?

• Why the Crypto Industry Believes SEC Regulation by Enforcement Hurts US Consumers

 

SEC Views

Gary Gensler’s comments on PoS tokens

Sen. Toomey’s opinion

 

White House Reports

 

Stablecoins

• Stablecoin Draft Bill