Unchained

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

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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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          UnchainedBy Laura Shin