US Senator Pat Toomey supports Digital Dollar and nominates Powell as Fed Chairman
Senator Pat Toomey of Pennsylvania, a lawmaker who advocated the revision of the language surrounding cryptocurrencies in the recently passed infrastructure law, said the US should lead the world in adopting central bank digital currencies.
In an interview with Bloomberg’s David Westin, Toomey said the US dollar should have “the most sophisticated capabilities of any currency in the world” as the country could benefit from it. However, the Senator said the US Federal Reserve’s digital currency launch should not rely on the Federal Reserve as a traditional retail bank account, citing privacy issues.
“The idea of having a tokenized dollar that can be exchanged on a peer-to-peer basis on a platform where developers can innovate and create new products and services … I think … Toomey.
The Pennsylvania Senator added that he would vote to nominate Jerome Powell for a second term as Fed chairman. Toomey cited Powell’s role in stabilizing US financial markets in the early months of the pandemic, as well as the fact that he has “been trading for a while”.
As one of fifty Republican MPs currently serving in the Senate, Toomey crosses partisan lines to support President Joe Biden’s nomination for Powell. At a time when partisan politics in America seems to be part of every law and the Democrats narrowly control every chamber of Congress, every vote counts when it comes to laws.
Related: 8-word crypto change in the Infrastructure Act “contravenes the rule of law”
Toomey is behind a bipartisan attempt to change several provisions of the recently passed Infrastructure Act so that it doesn’t apply to developers, miners, and others in the crypto space. The bill was ultimately passed by both the Senate and the House of Representatives with no clear explanation of the cryptocurrencies, but lawmakers passed legislation on Nov. 18 to “set” the requirements.