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Pat Toomey

Pat Toomey (R)

Crypto Sentiment

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Notable statements

Sen. Pat Toomey has 13 statement(s) about crypto.

"Cryptocurrencies, digital assets, and their underlying technologies offer tremendous potential benefits. As such, I’m glad the @federalreserve has constructively contributed to the necessary ongoing public discussion regarding the issuance of a CBDC. I’m encouraged the report acknowledges the need for clear support from Congress prior to the issuance of a CBDC. The report also rightfully recognizes that the Fed offering retail accounts is not only a terrible idea, but also impermissible by law. While mentioning the importance of CBDC privacy, I’m concerned the Fed doesn't clearly explain how it would protect consumer data. There’s also a question in my mind whether the report implies that a CBDC would not allow for direct peer-to-peer transactions. This is fundamental. Today’s report is an important step by the Fed in acknowledging the permanence of #crypto and their underlying technologies. I look forward to working with the @federalreserve and my colleagues in Congress to consider the authorization of a properly designed CBDC."

@SenToomey January 20, 2022 on Twitter

"While #crypto has the potential to become part of our everyday lives, the current tax code stands in the way. @SenatorSinema and I are teaming up to make it easier to use digital currencies as a common method of payment by exempting from taxes small personal transactions."

@SenToomey July 26, 2022 on Twitter

"The @FDICgov's restrictive new #crypto reporting requirement is the latest effort to illegitimately discourage banks from offering digital assets. Fintechs and other non-banks are permitted to enter this field—banks should be able to, too.This short-sighted action—taken without a Senate-confirmed chairman or legislation—could have a chilling effect on any bank considering offering crypto services. Rather than reflexively pumping the brakes on banks using new technologies like crypto and stablecoins, regulators should provide clear pathways for innovation with Congressional authorization. The FDIC’s directive underscores the need for Congress to provide regulatory clarity. That’s why I recently released the Stablecoin TRUST Act, which allows stablecoin issuers to choose from three different options: obtaining a new federal license, operating under state authority, or becoming a bank."

@SenToomey April 11, 2022 on Twitter

"While there has been virtually no evidence of Russia meaningfully using crypto to evade sanctions, Ukraine has been actively utilizing crypto to do tremendous good. Crypto donations for Ukraine have reached roughly $100M, helping Ukrainians defend against Russia’s invasion."

@SenToomey March 17, 2022 on Twitter

"The @SECGov under Chairman Gensler has imposed enormous costs on investors with no legitimate rationale. Their blanket rejection of numerous Bitcoin spot ETFs—despite the SEC’s prior approvals of Bitcoin futures ETFs—demonstrates how this SEC has arbitrarily chosen to deny investors access to financial products. I’m pleased that the SEC’s decision will now be subject to court review, and hope the court decides more Americans should have access to these new investment options."

@SenToomey July 1, 2022 on Twitter

"It was great meeting with @CFTCbehnam today to discuss the importance of regulatory clarity for cryptocurrencies. Lawmakers and regulators alike must work to continue America’s longstanding tradition of fostering technological innovation—not stifling it."

@SenToomey November 3, 2021 on Twitter

"China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China."

@SenToomey September 24, 2021 on Twitter

"Chairman @GaryGensler and the SEC must lay out clear guidelines on what cryptocurrencies they view as securities. Regulation by enforcement is extremely objectionable and will kill domestic innovation."

@SenToomey September 1, 2021 on Twitter

"Now isn’t the time for the IRS to pick winners and losers with a new technology. Crypto has the potential to be the future of the internet. How foolish to crush it over a tax provision that possibly raises just $500 million per year more in a $1.2 TRILLION bill."

@SenToomey August 6, 2021 on Twitter

"While I appreciate that my colleagues and the White House have acknowledged their original crypto tax had flaws, the Warner-Portman amendment picks winners and losers based on the type of technology employed. That’s horrible for innovation."

@SenToomey August 6, 2021 on Twitter

"The Warner-Portman plan exempts bitcoin miners, but not other transaction validators or software developers who create these platforms. What does that mean? Two identical services could receive dramatically different regulatory treatment depending on the technology used."

@SenToomey August 6, 2021 on Twitter

"@USTreasury wants maximum flexibility to regulate and tax crypto as they see fit. Congress should not allow that to happen. We need to have this debate in public and in full, especially before potentially disruptive changes are made that push crypto overseas."

@SenToomey August 6, 2021 on Twitter

"The bipartisan infrastructure package includes a hastily-designed tax reporting regime for cryptocurrency. Simply put, the text is unworkable. I plan to offer an amendment to fix it."

@SenToomey August 2, 2021 on Twitter

Crypto bill sponsorship

Sen. Pat Toomey has put out 2 crypto bills.

Virtual Currency Tax Fairness Act

S. 4608

117th Congress

Bill pending

This bill excludes from gross income, for income tax purposes, a limited amount of gain from the sale or exchange of virtual currency, unless such sale or exchange is for cash or cash equivalents, property used in the active conduct of a trade or business, or property held for the production of income. The exclusion does not apply if the total value of the sale or exchange exceeds $50, or the total gain exceeds $50 (both amounts adjusted annually for inflation).

The bill defines virtual currency as a digital representation of value that functions as a unit of account, a store of value, or a medium of exchange, and is not a representation of the U.S. dollar or any foreign currency.

To Revise the Definition of a Broker for Purposes of Certain Reporting Requirements with Respect to Digital Asset Transfers under the Internal Revenue Code of 1986, and for Other Purposes

S. 4751

117th Congress

Bill pending

A summary is in progress.

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