September 16, 2022

Toomey Statement on Biden Administration’s Digital Assets Reports

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement regarding the Biden administration’s digital assets reports.

“While I appreciate the Biden administration’s engagement on digital assets, true regulatory clarity will require much more than just reports. Our current laws—written decades ago—cannot adequately address these new technologies, which have several fundamentally different features than traditional securities, commodities, and other existing financial products. What’s clearly needed is a comprehensive, tailored framework that allows these new technologies to thrive with appropriate guardrails for consumers.

“We should start by enacting legislation for payment stablecoins. I’ve released a proposal to do just that, and I hope the administration will work with Congress to get this done by the end of the year.”