{"id":50151,"date":"2021-09-25T10:09:55","date_gmt":"2021-09-25T07:09:55","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50151"},"modified":"2025-09-02T16:25:22","modified_gmt":"2025-09-02T13:25:22","slug":"senator-pat-toomey-chinas-crackdown-on-crypto-is-a-big-opportunity-for-the-united-states","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/senator-pat-toomey-chinas-crackdown-on-crypto-is-a-big-opportunity-for-the-united-states\/","title":{"rendered":"Senator Pat Toomey: China&#8217;s crackdown on crypto is a big opportunity for the United States"},"content":{"rendered":"<p>Senator Pat Toomey, a Republican, said that the crackdown on digital assets by Chinese authorities opens new opportunities for the United States in the crypto industry.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">China\u2019s authoritarian crackdown on crypto, including <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>, is a big opportunity for the U.S. It\u2019s also a reminder of our huge structural advantage over China.<\/p>\n<p>\u2014 Senator Pat Toomey (@SenToomey) <a href=\"https:\/\/twitter.com\/SenToomey\/status\/1441398415712129024?ref_src=twsrc%5Etfw\">September 24, 2021<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe authoritarian repression of China against cryptocurrencies, including Bitcoin, is a big opportunity for the United States. This is also a reminder of our enormous structural advantage over China,\u201d Toomey wrote.<\/p>\n<\/blockquote>\n<p>The senator stressed that economic freedom leads to faster growth and a higher standard of living for all.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cBeijing is so hostile to economic freedom that it cannot even tolerate its people participating in what is arguably the most exciting innovation in finance in decades,\u201d he added.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades. Economic liberty leads to faster growth, and ultimately, a higher standard of living for all.<\/p>\n<p>\u2014 Senator Pat Toomey (@SenToomey) <a href=\"https:\/\/twitter.com\/SenToomey\/status\/1441398417499074563?ref_src=twsrc%5Etfw\">September 24, 2021<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Toomey spoke out amid <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-slips-below-42000-as-china-tightens-crypto-trading-regulation\">attempts by the People&#8217;s Bank of China to deem illegal<\/a> the activity of platforms that facilitate cryptocurrency exchanges among themselves or to fiat. Against the backdrop of news of tightening regulation, Bitcoin fell below $42,000.<\/p>\n<p>In late August, Toomey urged U.S. authorities to <a href=\"https:\/\/u1f987.com\/en\/news\/senator-pat-toomey-legislation-must-adapt-to-cryptocurrencies\">adapt the legislation to the crypto industry<\/a> rather than ignore and suppress it.<\/p>\n<p>Earlier, the senator <a href=\"https:\/\/u1f987.com\/en\/news\/us-lawmakers-propose-amendments-to-bipartisan-plan-for-expanded-cryptocurrency-taxation\">co-authored a crypto-friendly amendment<\/a> to the provisions of the bipartisan infrastructure plan.<\/p>\n<p>Under the bill\u2019s original formulation, any person providing cryptocurrency transfer services and receiving compensation for it would be required to report to the Internal Revenue Service about the activity of their users.<\/p>\n<p>In a certain interpretation, such requirements could extend to miners and node operators in blockchains, wallet developers, liquidity providers in DeFi protocols, and other non-custodial players.<\/p>\n<p>On August 10, the Senate <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-senate-sends-infrastructure-bill-to-house-of-representatives-without-cryptocurrency-amendments\">sent<\/a> a document to the House of Representatives on cryptocurrencies without amendments. CNBC, citing a Treasury official, reports that the department <a href=\"https:\/\/u1f987.com\/en\/news\/media-u-s-treasury-dispels-crypto-industry-fears-over-infrastructure-plan-provisions\">does not intend to broadly interpret<\/a> the definition of &#8216;broker&#8217; for industry participants, even if the infrastructure plan is passed unchanged.<\/p>\n<p>Read ForkLog\u2019s Bitcoin news in our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senator Pat Toomey of the Republican Party said that the crackdown on digital assets by Chinese authorities opens new opportunities for the US in the crypto industry.<\/p>\n","protected":false},"author":1,"featured_media":50152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[133,1138,36,26],"class_list":["post-50151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-china","tag-opinions","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=50151"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50151\/revisions"}],"predecessor-version":[{"id":50153,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50151\/revisions\/50153"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/50152"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=50151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=50151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=50151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}