The session of Congress closed its doors yesterday, and Pat Toomey, the senator allied with the industry, stood out again. He is said to have proposed a stablecoin bill hoping that it will serve as a guide for cryptocurrency regulation. It was the crypto lobby’s last move in Congress before it stepped down for good to make way for new lawmakers. The lines have not moved much despite this last attempt, but the FED would not be unanimous.
Pat Toomey attempts stablecoin knockout blow before stepping down
This year, the US Congress had a crypto lobby, but at the end of the exercise, the results are not as expected. While we were living the last hours of the current office, the senator Pat Toomey tried everything for everything, a question of having a vote stablecoin laws. Aware that its implementation will be a bit complicated, he hopes at least that the next office will take this project into account to use it as guide to stablecoin legislation.
With this last minute gamble, Pat Toomey puts a little more pressure on the next legislators on the question of digital assets. He did not hesitate to recall it in these terms: “I hope this framework lays the groundwork for my colleagues to pass legislation next year that protects customer funds without hindering innovation. “.
According to our sourcesPat Toomey’s stablecoin bill placed an emphasis on the confidentiality of stablecoin transactions. In addition, he would also like there to be a body in charge of controlling the currency. It is this same body that will have to issue licenses to companies that issue stablecoins.
This is not the first attempt by the Republican senator, who still struggles to accept the FED’s arbitrary role in industry. The first attempt was a failure, everything leads to believe that he will not win his case with regard to the minority of his party in the Senate.
Conclusion
In sum, after 12 days of Congress, lawmakers are stepping down and industry supporters haven’t been able to really turn the tide. Nevertheless, Pat Toomey has put pressure on upcoming lawmakers with his proposed stablecoin regulation bills. In essence, he simply wishes to oust the Federal Reserve from industry. He decries the fact that the FED agreed to issue the digital dollar which he considers to be a conflict of interest. His only regret before retiring is perhaps the lack of firmness of his Republican colleagues. Especially after the defeat in the elections last November.
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