Sen. Pat Toomey Needs A Reasonable Legal Framework After FTX’s Fall

Sen. Pat Toomey bemoaned how slowly US crypto trading laws are being passed.

The Pennsylvania Republican said on Friday that the SEC’s hostility and lack of transparency, together with the inability to enact regulatory safeguards, had created a devastating amount of legal ambiguity.

Pat Toomey said that the effect of the bankruptcy on Americans might have been lessened if there had been a sensible, legally valid, American regulatory framework for digital assets.

The remarks follow a turbulent week for the cryptocurrency industry and shocking information about one of the biggest crypto exchanges in the world.

The FTX is now the subject of an investigation by US law enforcement. There are still rumors that the exchange is purposefully holding onto user funds.

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