Senator Pat Toomey Takes Aim At The S.E.C.

What do The Federal Reserve Bank, The SEC, The IRS, ATF, EPA, and FBI all have in common?

They’re entirely useless!

It’s no secret to our readers that I hate alphabet agencies with a passion—they’re destroying our country, yet somehow they manage to justify their pathetic existence, and receive more funding year in and year out.

You and I are being robbed through record inflation as I write this right now, because our Federal Reserve Bank is printing money left and right to pay for government programs that don’t work.

Decentralized money, and cryptocurrencies are a way out of this.

I firmly believe that the government cannot and should not control the monetary supply—just look at what’s happening all around us currently.

However, The S.E.C. doesn’t seem to think so, and has been a thorn in the side of the entire crypto industry for some time now, but now Senator Pat Toomey is voicing his concerns in his recent letter to The S.E.C:

Senator Pat Toomey's letter to The S.E.C. #Crypto #cryptocurrency #SEC pic.twitter.com/cp7BRy8Ybc

— Vince Quill (@VinceQuill) September 27, 2021

Chairman @GaryGensler and the SEC must lay out clear guidelines on what cryptocurrencies they view as securities. Regulation by enforcement is extremely objectionable and will kill domestic innovation.

Watch my full interview with @SquawkCNBC. pic.twitter.com/DLqIFT3SGh

— Pat Toomey (US Sen. ret.) (@SenToomey) September 15, 2021

Crypto Potato explains:

Following today’s events, Senator Pat Toomey says that the ongoing cryptocurrency crackdown in China is a considerable opportunity for the United States.

Earlier today, reports revealed further regulatory pressure on cryptocurrencies in China. This time, the country seems to target mining and trading.

Although not many of it was new, the announcement triggered a market-wide pullback, sending Bitcoin down to slightly above $40K.

China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.

— Pat Toomey (US Sen. ret.) (@SenToomey) September 24, 2021

Interesting that retiring Republican Senator Pat Toomey has decided to make crypto advocacy one of his focal points. https://t.co/mlOGXh86L6

— Kevin Werbach @kwerb@mastodon.social (@kwerb) September 24, 2021

Crypto Slate had more on the story:

In a recent letter to SEC Chairman Gensler, Senator requested “detailed answers” to a list of questions, submitted to provide both Congress and industry insiders clarity on the current regulation of cryptocurrencies.

“For investors to benefit from a fair and competitive marketplace, regulators must proactively provide rules of the road to industry. Unfortunately, the SEC has instead adopted a strategy of regulation-by-enforcement in this area,” read the letter, which came as a follow up to Gensler’s testimony before the Senate Banking Committee on September 14.

Toomey’s concerns about the SEC’s lack of regulatory clarity are shared by others, including SEC Commissioners Hester Peirce and Elad Roisman.

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