Pennsylvania Senator Pat Tommy, a prominent member of the Senate Banking Committee, suggested that Congress pass legislation if the Securities and Exchange Commission (SEC) fails to provide adequate guidance on cryptocurrencies.

In a statement issued by the Senate Banking Committee on Friday, Tommy said he was unhappy with SEC Chairman Gary Gensler’s responses to the differences between securities and commodities in terms of token and stash projects. The senator questioned some of the Securities and Exchange Commission’s clear differences in enforcement between crypto and advisory firms, including Glass Lewis on similar accusations of “fraud and misinformation.”

“For investors to benefit from a fair and competitive market, federal agencies must answer questions about, and if so, how – new and emerging technologies fit in with existing regulations,” Tommy said. “President Gensler’s failure to provide clear code of conduct with cryptocurrencies underscores the need for action by Congress.”

Tommy has previously spoken in favor of the US government launching a central bank digital currency, saying he will vote to elect the next central bank governor, Jerome Powell, as President Joe Biden. Additionally, in August, the senator supported a two-way attempt to change some provisions of the recently passed infrastructure law so that they do not apply to developers, miners, and other individuals working in the crypto space. Other US lawmakers proposed solutions to tax reporting requirements after Biden signed into law, and Tommy said Congress would “have to do so in subsequent legislation.”

On this topic: Lawmakers Reject Encryption Provisions in Infrastructure Bill

While Congress has yet to take action on cryptocurrency, as Tommy suggested, both the House and Senate have been pushing for legislation to extend funding from the US government through February 18 to avoid a shutdown. Today, President Biden signed the further expansion of the Government Funding Act into law.

Source: CoinTelegraph

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