Former U.S. Senator and Coinbase Global Advisory Committee member Pat Toomey said at a legal seminar on national security and digital assets.
While the digital asset industry desperately needs U.S. regulatory clarity and is in legal conflict with the U.S. Securities and Exchange Commission (SEC) while waiting for answers, the congressional solution the industry has long awaited is not coming anytime soon.
Toomey said the fact that the House Financial Services Committee has approved multiple crypto bills for a floor vote may not have any impact.
Even if the bills are approved by the full House, he said: “Regardless of the vote in the House, I don’t see a path forward in the Senate.”
Although Pat Toomey is pessimistic about legislation during the current U.S. administration, he believes the likelihood of legislation passing in the next Congress will increase.