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“I think there’s a strong case for having a tokenized dollar that can be exchanged on a peer-to-peer basis on a platform where developers can innovate and develop new products and services,” Pat Toomey said.
Senator Pat Toomey of Pennsylvania, who was one of the politicians who pushed to change the language in the recently enacted infrastructure bill to include crypto, believes the US should lead the world in adopting a central bank digital currency, or CBDC.
In a Tuesday interview with Bloomberg’s David Westin, Toomey said the U.S. dollar should have “the most sophisticated capabilities of any currency in the world” as the country could benefit from a digital dollar. However, the senator said the rollout of any U.S. central bank digital currency should not rely on the Federal Reserve as a traditional bank for retail accounts, citing issues with privacy.
“The idea of having a tokenized dollar that is capable of being exchanged on a peer-to-peer basis on a platform where developers can innovate and develop new products and services… I think there’s a strong case for that,” said Toomey.
The Pennsylvania senator added that he would vote in favor of Jerome Powell’s nomination for a second term as Fed chair. Toomey cited Powell’s role in stabilizing U.S. financial markets during the early months of the pandemic as well as the fact he’s been “in action for some time now.”
One of fifty Republican lawmakers currently serving in the Senate, Toomey is crossing partisan lines in supporting President Joe Biden’s nomination of Powell. Every vote counts when it comes to establishing policy in the United States, where party politics appears to be embedded in every piece of legislation proposed and the Democratic Party controls each chamber of Congress by a razor-thin majority.
Toomey was a driving force behind a bipartisan push to exempt developers, miners, and others in the crypto field from some of the requirements of the recently approved infrastructure bill. Despite the fact that the measure passed both the Senate and the House without any crypto-related clarifications, MPs introduced legislation on Thursday to “address” the bill’s tax reporting obligations.