U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) announced he was soliciting ideas and legislative proposals to ensure federal law supports the development of emerging cryptocurrency and open blockchain network technologies while continuing to protect crypto investors. Senator Toomey intends to use the responses in forming legislation that clarifies ambiguity around how existing laws, especially in the tax and securities realms, may apply to cryptocurrencies.

“Rather than trying to ignore or suppress cryptocurrency and related technologies, regulators and legislators alike need to recognize that open, public networks are here to stay. Our laws and regulations must adapt to these developments,” said Senator Toomey. “Not only might cryptocurrency and blockchain technologies be as revolutionary as the internet, they also have the potential to build wealth and financial independence for individuals who are empowered to engage in financial transactions directly with each other, free from oft-costly middlemen. That’s why it’s important Congress gets this right and ensures the United States remains at the forefront of cryptocurrency and fintech innovation. I am hopeful the broad array of legislative proposals I receive will help in crafting thoughtful legislation.”

The Committee will collect proposals from Thursday, August 26 to Monday, September 27, 2021. Each proposal should include:

·        A brief description of the proposal and how it will encourage the growth of cryptocurrency and blockchain technology in the United States;

·        Proposed legislative language; and

·        Other background material as appropriate.

Potential topics that proposals should address, but are not limited to:

·        Securities implications of cryptocurrencies

·        Payments and money transmission supervision

·        Stablecoins

·        Cryptocurrency exchanges

·        Custody regulation

·        Banking authorities

·        Privacy, due process, investor, and consumer protection

·        Decentralized finance (DeFi)

·        Removing existing regulatory ambiguities related to cryptocurrency

·        Clearly defined goals for appropriate regulations

Interested persons should submit electronic copies of their proposals to Committee staff at submissions@banking.senate.gov. All proposals will be published at a future date. 


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