• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Thursday, May 15, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

US Senator says “China’s crypto crackdown is a big opportunity for America”

by Baisakhi Mishra
September 28, 2021
in Crypto, News
Reading Time: 2 mins read
0
US Senator says'' China’s crypto crackdown is a ‘big opportunity’ for America''

Image Source: Cryptoslate

TwitterWhatsappLinkedin

Senator Pat Toomey of Pennsylvania said that the United States should gain from China’s totalitarian crackdown on cryptocurrency.

You might also like

XY Miners receives $70 million in funding to bring users $3,000 in passive income per day

Trump-Themed Meme Coin Sees $140 Million Surge as Supporters Buy In for Exclusive Dinner Invite

USDA Faces Backlash Over Push for States’ SNAP Data Sharing

US Senator says'' China’s crypto crackdown is a ‘big opportunity’ for America''
Image Source: Cryptoslate

According to Banking Committee Ranking Member Toomey, who recently pressed Securities and Exchange Commission (SEC) Chairman Gary Gensler to provide clear public assistance surrounding current crypto policy, including stablecoins, the US regulators must change their “regulation-by-enforcement” methods.

 Huge opportunity for the United States

“China’s totalitarian attack on cryptocurrency, including Bitcoin, presents a significant opportunity for the United States. On Twitter, Toomey added, “It’s also a reminder of our great structural advantage over China.”

China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.

— Senator Pat Toomey (@SenToomey) September 24, 2021

He stated that “economic liberty leads to faster growth and, eventually, a greater quality of life for all,” and that China’s opposition to financial liberty closes the door to “arguably the most exciting innovation in finance in decades.”

Toomey has only lately sounded the alarm about the lack of transparency and neutrality around the current state of crypto regulation in the United States, adamantly demanding that the SEC establish clear rules for what cryptocurrencies they consider securities.

As the latest chapter in Beijing’s crypto war develops, Toomey, who believes the US should capitalize on the momentum, continues to emphasize that “regulation by enforcement is extremely unpleasant and would kill domestic innovation.”

Senators called for “specific answers” to a list of concerns in a recent letter to SEC Chairman Gensler, which was issued to provide both Congress and market professionals with clarity on the existing policy of cryptocurrencies.“For investors to benefit from a fair and competitive marketplace, regulators must provide the industry with road rules ahead of time. Unfortunately, the SEC has instead chosen a regulation-by-enforcement policy in this area,” according to the letter, which was written in response to Gensler’s testimony before the Senate Banking Committee on September 14.

Others, including SEC Commissioners Hester Peirce and Elad Roisman, share Toomey’s concerns about the SEC’s lack of regulatory clarity.
Toomey asked Gensler to “identify the specific characteristics that distinguish a cryptocurrency that is a security from one that has been deemed a commodity,” and to “provide detailed answers so that innovators have the guidance they need to ensure domestic investment and innovation in these technologies.”

Toomey also urged Gensler to elaborate on “the threshold for a token to be deemed decentralized” and for a more detailed description of the study used for the stablecoin category, among other things.

If you find this article informative then do share it with your friends and family!

Also read: Northern Data acquires 33k ASIC Bitcoin Miners from Bitfield

 

Tags: #Gary Gensler#Pat Toomey
Tweet54SendShare15
Previous Post

How to change language in google

Next Post

How to change iCloud password

Baisakhi Mishra

Recommended For You

XY Miners receives $70 million in funding to bring users $3,000 in passive income per day

by Techstory
May 15, 2025
0
XY Miners receives $70 million in funding to bring users $3,000 in passive income per day

As the world attaches great importance to clean energy and sustainable development, XY Miners, a British cryptocurrency cloud mining platform, announced the successful completion of a $70 million...

Read more

Trump-Themed Meme Coin Sees $140 Million Surge as Supporters Buy In for Exclusive Dinner Invite

by Harikrishnan A
May 15, 2025
0
Trump Campaign Confirms Security Breach Amid Concerns of Foreign Interference

In a striking fusion of digital finance and political enthusiasm, supporters of Donald Trump have funneled over $140 million into a meme-themed cryptocurrency known as $TRUMP. Their goal?...

Read more

USDA Faces Backlash Over Push for States’ SNAP Data Sharing

by Harikrishnan A
May 15, 2025
0
USDA Faces Backlash Over Push for States’ SNAP Data Sharing

The U.S. Department of Agriculture (USDA) is under fire for pressuring states and their private contractors to hand over sensitive personal data of millions of low-income Americans who...

Read more
Next Post
How to change iCloud password

How to change iCloud password

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?