March 09, 2022

Toomey Statement on President Biden’s Executive Order on Digital Assets

“Lawmakers and regulators should do nothing to harm America’s longstanding tradition of fostering technological innovation”

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

“I’m encouraged to see the Biden administration acknowledge that digital assets, including cryptocurrencies and the underlying technology, have tremendous potential benefits. As the White House itself stated, the U.S. must maintain its leadership in this space, which is why lawmakers and regulators should do nothing to harm America’s longstanding tradition of fostering technological innovation.

“The executive order also underscores the need for Congress to enact a regulatory framework specific to digital assets. This technology empowers individuals, and they deserve to have a say in crafting thoughtful legislation. The administration should resist the urge to stretch existing laws in an effort to expand its regulatory authority.”

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