August 09, 2021

Toomey: Who Knows How Much Innovation We’re Going to Stifle

New Cryptocurrency Reporting Requirements Will ‘Do a Lot of Damage’

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today requested unanimous consent to adopt the Toomey-Warner-Lummis-Sinema-Portman amendment to fix digital asset reporting requirements in the infrastructure bill. Consideration of the bipartisan amendment, however, was blocked by other senators.

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Key Excerpts

“For people who have been watching this and aren’t familiar with the bizarre practices in this body, I want to explain briefly what just happened. Because there’s a difference of opinion on whether or not the Senator from Alabama should get a vote on his amendment, the body is refusing to take up an amendment that has broad bipartisan support, that we all know fixes something that badly needs to be fixed. This isn’t a whim of the Senator from Pennsylvania—there is nobody who disputes that there’s a problem here.”

All I want to do is have a vote on amendment that fixes this in a way that has bipartisan agreement, in a way that constrains this to apply narrowly to the people who actually are the intermediaries running a centralized exchange who have this information. But apparently we’re not going to be able to do that.”

“We will be back on this because we are going to do a lot of damage. Who knows how much innovation we’re going to stifle. Who knows what kind of new apps just never emerge. It’s hard to predict what this results in. But it’s not good and it’s going to bring us back here having to try to clean up a mess which we could prevented.”