Senator Pat Toomey of Pennsylvania, one of the senior members of the Senate Banking Committee, recommended that Congress intervene in legislation when the Securities and Exchange Commission (SEC) cannot provide sufficient guidance on cryptocurrencies.

In Friday’s announcement by the Senate Banking Committee, Tumi Said He was dissatisfied with the answers provided by SEC Chairman Gary Gensler on the difference between securities and commodities in terms of token projects and stablecoins. The senator questioned what appeared to be differences in the SEC’s enforcement actions between crypto companies and consulting services companies, including similar allegations made by Glass Lewis of providing “fraudulent and misleading information.”

Toomey said: “In order for investors to benefit from a fair competition market, federal agencies should answer questions about whether—if so, how—the emerging technology complies with existing regulations.” “Chairman Gensler failed to provide clear information on cryptocurrencies. The rules of the road highlight the need for Congress to take action.”

Toumi had previously supported the U.S. government Launch of central bank digital currency And said he would vote for President Joe Biden Pick the next Fed chairman, Jerome Powell.In addition, the senator supported the joint efforts of the two parties in August Modify some regulations The recently passed infrastructure law does not apply to developers, miners, and others in the encryption field.After Biden signed the bill into law, other U.S. legislators proposed solutions to tax reporting requirements, because Tumi Said Congress will “must do this in subsequent legislation.”

related: Legislators opposed the encryption clause in the infrastructure bill

Although Congress has not yet taken action on cryptocurrencies as Toomey suggested, the House of Representatives and the Senate are busy passing a bill extending US government funding until February 18 to avoid a government shutdown.President Biden sign The “Further Expansion of Government Funding Act” became law today.