US Senator Toomey Highlights Digital Currency Regs as He Eyes Banking Panel Chairmanship

Senate Banking Committee member Pat Toomey (R-Pa.) said Monday he intends to take up digital currency regulation and payments system reform if he becomes the committee’s next chairman.

• “There’s very exciting things happening in technology, fintech, payment systems, the possibility of  a digital currency – all of these things are really important and exciting changes and they're going to require some new legislation, some new regulation,” Toomey said.
• Toomey is the likely pick for the Banking committee chairmanship if Republicans maintain control of the chamber this November. 
• A former Wall Street banker and longtime proponent of deregulation, Toomey has praised blockchain in the past. He once said the government shouldn’t “strangle this baby in its crib.”
• The two-term senator also disclosed Monday he will not seek reelection in highly competitive Pennsylvania in 2022.