While approaching his final weeks in the U.S. Senate, Republican Senator Pat Toomey is still pushing for regulation on the cryptocurrency industry.
Toomey spoke with CNBC and said that the recent trouble of prominent crypto executive Sam Bankman-Fried of FTX does not reflect the industry at large.
“This really looks like garden-variety fraud that has happened in the past, usually with dollars or securities of a conventional sort. Here it happened with crypto,” Toomey said. “It’s not an indictment against crypto. It’s an indictment to the guys who misused it.”
Toomey also says that common sense regulation could help set standards in the cryptocurrency industry.
“Congress should finally pass the legislation that I’ve been urging us to pass, which would provide the regulatory clarity so that we don’t have this ambiguity as to who has the authority, who doesn’t, and how does it get regulated,” Toomey said.
Toomey had been pushing for testimony from Bankman-Fried; however, he was arrested on fraud charges earlier this week.
