Pennsylvania Senator Pat Toomey has reportedly recommended regulatory take-over from Congress if the US SEC fails to offer necessary guidance on cryptocurrencies. 

Specifically, via an announcement issued on December 3rd issued by the Senate Banking Committee, Toomey – among the ranking members of the Senate Banking Committee – reportedly shared his dissatisfaction with the responses from SEC chair Gary Gensler, regarding the differences between securities and commodities associated with token initiatives and stablecoins. 

The senator reportedly expressed concerns over the SEC’s seeming disparities in enforcement actions between crypto entities, and advisory services firms, including Glass Lewis for the same allegations of pushing out “fraudulent and misleading information.”

“For investors to benefit from a fair and competitive marketplace, federal agencies should answer questions about whether — and if so, how — new and emerging technologies fit under existing regulations. Chairman Gensler’s failure to provide clear rules of the road for cryptocurrencies underscores the need for Congress to act.” Toomey reportedly remarked. 

In the past, Toomey has reportedly thrown his weight behind the decision from the U.S. authority to introduce a central bank digital currency, and revealed his intention of casting his vote for President Joe Biden’s pick for the next Federal Reserve chair, Jerome Powell. 

Furthermore, the senator was reportedly supportive of a bipartisan attempt in August, aimed at making adjustments to a few provisions in the recently approved infrastructure law, to not become applicable towards developers, miners and others across the crypto sphere.

Different U.S. legislators have reportedly put up proposals for solutions to the tax reporting requirements, following POTUS Biden putting the ink on the bill to be officially enacted, with Toomey revealing that Congress would “have to do it in subsequent legislation.”