Senate Banking Committee Seeks Input on Securing Crypto, Blockchain

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Senate Banking Committee Ranking Member Pat Toomey (R-PA) is asking the cryptocurrency and blockchain community to offer its ideas for legislation to support the security of these technologies. The committee wants input on privacy, due process, investor and consumer protection, payments and money transmission, custody regulation, banking authorities, decentralized finance, existing regulatory “ambiguities,” and more. Toomey argues that crypto “is here to stay” and that the laws need to adapt to it.

However, observers comment that some of these goals may be mutually exclusive. For example, blockchain expert David Gerard notes that cryptocurrency was designed and is intended to evade regulation. Mike Hamilton, CISO for the firm Critical Insight, said that “maintaining privacy may be counter to efforts to ‘de-anonymize’ cryptocurrency transactions for the purpose of limiting the ability of cybercriminals to operate in the shadows.”