Does Pat Toomey Support Crypto?

Based on previous comments, Pat Toomey has indicated they are very pro-cryptocurrency. Below you can view the tweets, quotes, and other commentary Pat Toomey has made about Bitcoin, Ethereum, and cryptocurrency innovation.

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Pat Toomey (US Sen. ret.)
@SenToomey
Hard to overstate the importance of today’s @financialcmte’s hearing on debanking of crypto. Definitive proof that political and institutional bias motivated federal regulators to cut off an industry that was out of favor with their beliefs. It’s refreshing to see the veil pulled
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Pat Toomey (US Sen. ret.)
@SenToomey
Greater economic freedom leads to greater economic prosperity. Ignoring the potential crypto holds for increasing economic freedom globally isn’t just bad policy – it would be bad politics. Great piece from @brian_armstrong.
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Axios
@axios
The nation's largest crypto exchange, Coinbase, endorsed the idea of a U.S. bitcoin strategic reserve. trib.al/fcGplTN
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Pat Toomey (US Sen. ret.)
@SenToomey
America has elected the most pro-crypto Congress in history — now it's time for this new Congress and Administration to stop dragging its feet in court and start passing sensible rulemaking for digital asset regulation.
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Pat Toomey (US Sen. ret.)
@SenToomey
On Election Day, @standwithcrypto tracked 355 pro-crypto candidates running for federal office. 75% of them have already won, including 12 pro-crypto candidates for Congress in PA — and there are still more to come as close races are called.
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Pat Toomey (US Sen. ret.)
@SenToomey
Republicans had an amazing election, but they’re not the only ones who won. Crypto also had a great night. Voters have already elected a strong pro-crypto majority in the House (253 and counting), and with dozens of races left to call that number will only grow.
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Pat Toomey (US Sen. ret.)
@SenToomey
Interesting new poll from @Paradigm that shows that the GOP is now favored among crypto voters. This is a notable shift from earlier this year and a clear indication that voters are paying attention to what's happening in Congress.
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Justin Slaughter
@JBSDC
Now, over six months later, we asked that question again. 30% of voters now say they trust the Republican Party more, while 24% said they trust the Democratic Party more, with 5% saying both and 41% saying neither. 13
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Pat Toomey (US Sen. ret.)
@SenToomey
I'm glad the Pennsylvania legislature is protecting digital assets and financial innovation.
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Bitcoin Magazine
@BitcoinMagazine
JUST IN: 🇺🇸 Pennsylvania House of Rep. passes 'Bitcoin Rights bill' to protects residents' rights to self-custody #bitcoin and use it as payment — Fox Businessb
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Pat Toomey (US Sen. ret.)
@SenToomey
Mark is right. Many, if not the vast majority of crypto tokens, are not securities. For these, the SEC has no jurisdiction. If the SEC believes some tokens are securities, they should have provided clarity for how they would apply securities law to this novel class of assets.
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Bitcoin Magazine
@BitcoinMagazine
JUST IN: 🇺🇸 SEC Commissioner Mark Uyeda says their crypto policies have been "a disaster for the whole industry." 👀x
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Pat Toomey (US Sen. ret.)
@SenToomey
1 in 8 crypto owners live in a battleground state, including 1.4 million crypto owners here in Pennsylvania. When you have a presidential race that’ll be decided by razor-thin margins, this is a voting bloc that’s set to tip the scales.
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Pat Toomey (US Sen. ret.)
@SenToomey
Nothing from yesterday’s hearing dispels the history of both SEC Commissioner Crenshaw’s, and CFTC Commissioner Goldsmith Romero’s, long-standing hostility toward crypto.
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Eleanor Terrett
@EleanorTerrett
🚨NEW: Re next steps for the renomination of Caroline Crenshaw to the @SECGov — I’m told she will likely get “voted out of Committee” which means her nomination will get a “yes” from the Dem-led Senate Banking Committee. But she then has to get through a full Senate vote which likely will not happen until after the election due to the few number of days left in Congress’s calendar and @SenSchumer’s more pressing policy priories. So she may be looking at a post-election vote where the makeup of the Senate and the White House could be subject to change.
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Pat Toomey reposted the post below
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Omid Malekan 🧙🏽‍♂️
@malekanoms
The rest of the world is moving to adopt #crypto—from the EU and other parts of Europe to regional powers like Brazil, Japan, and Australia, to diversifying economies like the UAE. And, of course, China via Hong Kong. What's it going to take for the U.S. to step up?
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Pat Toomey (US Sen. ret.)
@SenToomey
The collapse of FTX is not an indictment of crypto. It’s an indictment of those who misused customer assets. As I’ve said for months, Congress needs to give regulatory clarity so business flows to prudent, sensible, well-regulated American crypto exchanges.
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Pat Toomey (US Sen. ret.)
@SenToomey
It certainly appears FTX committed an egregious failure in not treating customer assets as segregated assets. If people had access to regulated crypto custody services, they might sleep more comfortably knowing those assets were unlikely to be used for inappropriate purposes.
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Pat Toomey (US Sen. ret.)
@SenToomey
Congress’ failure to pass legislation creating regulatory guardrails for crypto trading, combined with the complete hostility and lack of transparency by @SECGov, has generated a debilitating amount of legal uncertainty.
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Pat Toomey (US Sen. ret.)
@SenToomey
More broadly speaking, the crypto sector has been operating with far too much ambiguity because (a) regulators refuse to give well-meaning actors clear guidance and (b) lawmakers refuse to act. We should start by finding common ground in the lame duck with stablecoin regulation.
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Pat Toomey (US Sen. ret.)
@SenToomey
.@GaryGensler’s assertion—without public analysis or justification—that dollar-backed stablecoins “could well be securities” is emblematic of the @SECGov’s failure to provide clarity on its approach to digital assets.
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Pat Toomey (US Sen. ret.)
@SenToomey
While #crypto has the potential to become part of our everyday lives, the current tax code stands in the way. @SenatorSinema and I are teaming up to make it easier to use digital currencies as a common method of payment by exempting from taxes small personal transactions.
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Pat Toomey (US Sen. ret.)
@SenToomey
But the SEC’s regulation-by-enforcement approach to digital assets poses a serious challenge for any well-meaning innovator who’s striving to comply with existing laws and regulations. Providing regulatory clarity prior to enforcement would benefit regulators and investors alike.
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Pat Toomey (US Sen. ret.)
@SenToomey
@SecYellen With this commitment from the administration, I'm optimistic that Republicans and Democrats in Congress can come together to provide greater clarity and consumer protection so stablecoins can continue to grow and thrive.
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Pat Toomey (US Sen. ret.)
@SenToomey
Rather than reflexively pumping the brakes on banks using new technologies like crypto and stablecoins, regulators should provide clear pathways for innovation with Congressional authorization. The FDIC’s directive underscores the need for Congress to provide regulatory clarity.
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Pat Toomey (US Sen. ret.)
@SenToomey
The @FDICgov's restrictive new #crypto reporting requirement is the latest effort to illegitimately discourage banks from offering digital assets. Fintechs and other non-banks are permitted to enter this field—banks should be able to, too.
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CoinDesk
@CoinDesk
.@FDICgov has asked its banks to report “crypto-related activities,” citing potential “safety and soundness risks as well as financial stability concerns.” It may be a sign of more strict regulation. coindesk.com/policy/2022/04…
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Pat Toomey (US Sen. ret.)
@SenToomey
While there has been virtually no evidence of Russia meaningfully using crypto to evade sanctions, Ukraine has been actively utilizing crypto to do tremendous good. Crypto donations for Ukraine have reached roughly $100M, helping Ukrainians defend against Russia’s invasion.
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Pat Toomey (US Sen. ret.)
@SenToomey
I'm hopeful today's conversation makes progress on finding that middle ground, so that America can continue to develop the most groundbreaking technologies—including cryptocurrencies—and create a framework that will both protect and empower consumers.
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Pat Toomey (US Sen. ret.)
@SenToomey
In its stablecoin report, the administration recommended a path that's even narrower than requiring all stablecoin issuers to be highly regulated banks. This is the wrong path. In fact, most stablecoins are currently issued under state licenses and charters.
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Pat Toomey (US Sen. ret.)
@SenToomey
Today’s report is an important step by the Fed in acknowledging the permanence of #crypto and their underlying technologies. I look forward to working with the @federalreserve and my colleagues in Congress to consider the authorization of a properly designed CBDC.
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Pat Toomey (US Sen. ret.)
@SenToomey
Cryptocurrencies, digital assets, and their underlying technologies offer tremendous potential benefits. As such, I’m glad the @federalreserve has constructively contributed to the necessary ongoing public discussion regarding the issuance of a CBDC.
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Forbes
@Forbes
In its 40-page report, the Fed said a CBDC could "fundamentally change" the structure of the nation's financial system by altering the roles of the central bank and the private sector. trib.al/VKYgtM6
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Pat Toomey (US Sen. ret.)
@SenToomey
I’m encouraged the report acknowledges the need for clear support from Congress prior to the issuance of a CBDC. The report also rightfully recognizes that the Fed offering retail accounts is not only a terrible idea, but also impermissible by law.
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Pat Toomey (US Sen. ret.)
@SenToomey
While mentioning the importance of CBDC privacy, I’m concerned the Fed doesn't clearly explain how it would protect consumer data. There’s also a question in my mind whether the report implies that a CBDC would not allow for direct peer-to-peer transactions. This is fundamental.
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Pat Toomey (US Sen. ret.)
@SenToomey
Stablecoins are an exciting new technology that create opportunities for faster payments, expanded access to the payment system, programmability, and more. I hope my colleagues will join me in working to create a sensible regulatory regime that allows this innovation to thrive.
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Pat Toomey (US Sen. ret.)
@SenToomey
It was great meeting with @CFTCbehnam today to discuss the importance of regulatory clarity for cryptocurrencies. Lawmakers and regulators alike must work to continue America’s longstanding tradition of fostering technological innovation—not stifling it.
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Pat Toomey (US Sen. ret.)
@SenToomey
Chairman @GaryGensler and the SEC must lay out clear guidelines on what cryptocurrencies they view as securities. Regulation by enforcement is extremely objectionable and will kill domestic innovation. Watch my full interview with @SquawkCNBC.
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Pat Toomey (US Sen. ret.)
@SenToomey
I’m glad to announce @MarkWarner, @SenLummis, @SenatorSinema, @senrobportman and I have reached an agreement on an amendment that fixes crypto reporting requirements in the infrastructure bill. Full details: banking.senate.gov/newsroom/minor…
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Pat Toomey (US Sen. ret.)
@SenToomey
Senators Toomey and Lummis Hold Press Conference on Agreement to Fix Digital Asset Reporting Requirements in the Infrastructure Bill
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Pat Toomey reposted the post below
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Ted Cruz
@tedcruz
🚨🚨The Senate is on the verge of passing legislation that would be TERRIBLE for cryptocurrency.🚨🚨 The infrastructure deal contains DANGEROUS provisions that would devastate crypto and blockchain innovation. Supporters of crypto need to make their voices heard.
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Pat Toomey (US Sen. ret.)
@SenToomey
Now isn’t the time for the IRS to pick winners and losers with a new technology. Crypto has the potential to be the future of the internet. How foolish to crush it over a tax provision that possibly raises just $500 million per year more in a $1.2 TRILLION bill.
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Pat Toomey (US Sen. ret.)
@SenToomey
The Warner-Portman plan exempts bitcoin miners, but not other transaction validators or software developers who create these platforms. What does that mean? Two identical services could receive dramatically different regulatory treatment depending on the technology used.
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Pat Toomey (US Sen. ret.)
@SenToomey
.@USTreasury wants maximum flexibility to regulate and tax crypto as they see fit. Congress should not allow that to happen. We need to have this debate in public and in full, especially before potentially disruptive changes are made that push crypto overseas.
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Pat Toomey (US Sen. ret.)
@SenToomey
While I appreciate that my colleagues and the White House have acknowledged their original crypto tax had flaws, the Warner-Portman amendment picks winners and losers based on the type of technology employed. That’s horrible for innovation.
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