Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto

Episode 399

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