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

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