Senator Pat Toomey has stated that the United States should lead the world in the adoption of cryptocurrencies. He believes that the US could benefit from a digital dollar. He has also stated that this currency should not rely on the Federal Reserve.
“The idea of having a tokenized dollar that is capable of being exchanged on a peer-to-peer basis on a platform where developers can innovate and develop new products and services … I think there’s a strong case for that,” said Pat Toomey.
Toomey was behind the efforts to amend some of the provisions in the recently passed infrastructure law to not apply to developers, miners, and others in the crypto space. The bill ultimately passed both the Senate and the House without any clarification on cryptocurrencies, but lawmakers introduced legislation on Thursday to “fix” its tax reporting requirements.