Pennsylvania’s outgoing Senator is continuing his push to bring oversight to the cryptocurrency industry in the U.S.
After the crash of FTX earlier this month, Republican Pat Toomey says the federal government hasn’t done enough to ensure a safe industry for crypto investors.
“The ambivalence of the remaining agencies have helped to push crypto activities into foreign jurisdictions with weaker or no regulatory regimes,” Toomey said. “But as a general matter, it seems to me that the failure of Congress to pass legislation and the failure of regulators to provide clear guidance has created ambiguity that has driven developers and entrepreneurs overseas where regulations are often lax at best.”
He adds that common sense regulations could have softened the blow of crypto’s crash.
“It’s very possible that customers harmed by these collapses would have been better off if they’re crypto assets had been safeguarded by regulated banks that have been providing custody services for other kinds of assets for literally hundreds of years,” Toomey said.
While advocates of Bitcoin and other cryptocurrencies cited the lack of regulation as one of their advantages, Toomey believes is ultimately led to its downfall this month.
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