November 01, 2021

Toomey Statement on Biden Administration’s Stablecoin Report

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the President’s Working Group on Financial Markets (PWG) released a report on the regulation of stablecoins.

“As the Biden administration acknowledges in its report, it is the responsibility of Congress to clarify whether, and to what extent, federal agencies have jurisdiction over stablecoins. While Congress works on thoughtful legislation, I hope the administration will resist the urge to stretch existing laws in an effort to expand its regulatory authority. Digital assets have the potential to be as revolutionary as the internet. It’s important lawmakers and regulators alike work to continue America’s longstanding tradition of fostering technological innovation—not stifling it.”

Last month, Senator Toomey wrote to Treasury Secretary Yellen expressing concerns over both the process and the reported content of the stablecoin report. In the letter, Senator Toomey noted that current federal financial laws were written decades before cryptocurrency was conceived, and that questions about whether and how to regulate crypto and stablecoins should begin with Congress.