Why Senator Pat Toomey Thinks SEC Chair Gary Gensler Is Wrong About Crypto - Ep. 399

Unchained

Pat Toomey, U.S. Senator for Pennsylvania, talks about legislation in the crypto industry, how to determine if something is a security, the future of CBDCs, and much more.

Show highlights:

• the structural differences between crypto tokens and securities
• why Sen. Toomey is demanding crypto legislation
• why “regulation by enforcement” does not provide clarity
• how to determine if a token is decentralized
• whether proof of stake consensus turns tokens into securities
• Sen. Toomey’s take on the new framework for stablecoin regulation
• whether it is appropriate to ban algorithmic stablecoins
• the importance to make disclosures so that regular users understand the risks of crypto
• how the collapse of Terra and other crypto companies like Voyager and Celsius affected lawmakers’ perception of crypto
• whether the US Treasury made a mistake with the Tornado Cash sanctions
• what the government should take into account in regards to a central bank digital currency (CBDC)
• why he believes the White House reports on crypto are not helpful and whether entrepreneurial talent is migrating to other countries
• the likelihood of any of the crypto bills passing soon

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Previous Coverage of Unchained on regulation:

• Congressman Ro Khanna: How to Get More Democrats into Web3
• The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay?
• Why the Crypto Industry Believes SEC Regulation by Enforcement Hurts US Consumers

SEC Views

Gary Gensler’s comments on PoS tokens

Sen. Toomey’s opinion

White House Reports

Stablecoins

• Stablecoin Draft Bill
• Bloomberg article: Senator Pat Toomey Still Sees Chance of Stablecoin Legislation This Year
• Sen. Toomey’s framework for payment stablecoins that he released last spring

Tornado Cash

• Treasury Press release
• Previous coverage of the Tornado Cash Sanctions on Unchained:
• Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No
• Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?
• The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
• Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
• Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury

Ian Balina charges

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