Sep 25, 2023

Though the digital assets industry is desperate for regulatory clarity in the U.S., and is fighting legal skirmishes with the SEC while it waits for answers, the long-awaited congressional solution isn’t coming any time soon, according to former U.S. Senator Pat Toomey.

Video transcript

I think it's quite unlikely that legislation gets all the way to the president's desk and signed into law in this Congress. However, there's real important progress being made, right? The House Financial Services Committee has reported out a stable coin bill, a market structure bill. Uh They did it with a bipartisan vote. They had all the Republicans, a handful of Democrats. So there is some bipartisan support for this and we desperately need this right. In my view, we desperately need to have legislation that clearly defines how this space is going to be regulated. Because in the absence of that legislation, what we see is an out of control sec trying to assert jurisdiction even where it shouldn't and where it doesn't belong, uh you know, uh regulating by enforcement, which is a terrible way for a regulator to do its business. It's having a chilling effect on development in the United States and driving development overseas. And this is a terrible, terrible missed opportunity and ultimately, it will be a cost to us. So I'm, I'm very, very insistent. We need to have legislation that uh allows, as they say, it provides clear guard rails, allows the space to thrive. Um, even if it doesn't get signed into law in this Congress, I hope that legislation will pass on the house floor, which I think is actually reasonably likely. And that would be an important step forward. We'll still have a ways to go. But, uh, that would be important progress.

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