US Senator Toomey Highlights Digital Currency Regs as He Eyes Banking Panel Chairmanship

The Pennsylvania senator is eager to focus on fintech if he assumes the top post at the Senate Banking Committee.

Oct 5, 2020 at 5:42 p.m. UTC
Updated Sep 14, 2021 at 10:04 a.m. UTC

Senate Banking Committee member Pat Toomey (R-Pa.) said Monday he intends to take up digital currency regulation and payments system reform if he becomes the committee’s next chairman.

  • “There’s very exciting things happening in technology, fintech, payment systems, the possibility of  a digital currency – all of these things are really important and exciting changes and they're going to require some new legislation, some new regulation,” Toomey said.
  • Toomey is the likely pick for the Banking committee chairmanship if Republicans maintain control of the chamber this November. 
  • A former Wall Street banker and longtime proponent of deregulation, Toomey has praised blockchain in the past. He once said the government shouldn’t “strangle this baby in its crib.”
  • The two-term senator also disclosed Monday he will not seek reelection in highly competitive Pennsylvania in 2022. 

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