US Senator Pat Toomey Eyes Senate Banking Committee Chair and Digital Currency Regulations

United States Senator Pat Toomey has announced that he will take on digital currency regulation and payments reforms should he become the Senate Banking Committee’s next chairman.

US Senator Toomey is running for the Chair of the Senate Banking Committee and said in a press conference on Oct. 5 that should he be elected, he will take up digital currency regulation and payments system reform.

During the online press conference, Toomey said:

“There’s very exciting things happening in technology, fintech, payment systems, the possibility of  a digital currency – all of these things are really important and exciting changes and they're going to require some new legislation, some new regulation.”

Senator Toomer is currently the running favorite to assume the Senate Banking Committee’s chairmanship, particularly if Republicans are able to maintain control of the Senate following the elections in November.

The two-term senator also said on Monday that he would not run for re-election in Pennsylvania in 2022.

Toomey Doesn't Want Blockchain Baby Strangled in Crib

Senator Pat Toomey (R-Pa) is a former Wall Street banker and longtime proponent of deregulation.

During the Facebook Libra Senate hearing in July 2019, Toomey made his feelings known on the power of blockchain. While he joined members in grilling David Marcus, the Head of Calibra, on data sharing and consent, Sen. Pat Toomey (R-Pa.) sounded bullish on blockchain in general.

Toomey said during the hearing:

“We shouldn’t prevent what can be a tremendous financial innovation. There is a big potential in blockchain technology.”

Toomey warned against knee-jerk overregulation of the blockchain industry saying that US regulators shouldn’t “strangle this baby in its crib.”