Pat Toomey

Pat Toomey – a crypto-supportive Republican senator – recently spoke at a congressional hearing discussing stablecoins and their risks. He proposed that stablecoin issuers should operate under three different regulatory models – including under bank charter. This comes following the stablecoin report’s release last month, which recommended that chartered banks only issue them. Three Models For Stablecoin Issuers On Tuesday, the hearing titled “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?” happened. While there,…

The Biden administration recently released its long-awaited stablecoin report – and one government official isn’t entirely on board. Pat Toomey – Republican Senator and ranking member of the Senate Banking Committee –disagrees with treating stablecoins issuers as banks. Amid a booming crypto market and allegations against Tether, he adds fuels the fire surrounding crypto regulations. Toomey: Stablecoin Issuers Aren’t Banks Pat Toomey shared his thoughts on the report in an interview with Yahoo Finance earlier today. The Senator acknowledged that…