{"id":15466,"date":"2022-12-14T17:31:44","date_gmt":"2022-12-14T17:31:44","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/us-senator-toomey-says-crypto-committed-no-crime-sbf-did\/"},"modified":"2022-12-14T17:31:44","modified_gmt":"2022-12-14T17:31:44","slug":"us-senator-toomey-says-crypto-committed-no-crime-sbf-did","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/us-senator-toomey-says-crypto-committed-no-crime-sbf-did\/","title":{"rendered":"US Senator Toomey says crypto committed no crime, SBF did"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1671038370594-08fbf935-e076-4d12-a0d7-73348c5cc44a-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1671038370594-08fbf935-e076-4d12-a0d7-73348c5cc44a-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1671038370594-08fbf935-e076-4d12-a0d7-73348c5cc44a-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1671038370594-08fbf935-e076-4d12-a0d7-73348c5cc44a-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/><\/picture><\/div>\n<ul>\n<li dir=\"ltr\"><em><strong>FTX filed for bankruptcy in November and Senator Patrick Toomey says Congress should move to provide regulatory clarity on crypto, adding that FTX\u2019s collapse has nothing to do with cryptocurrency.<\/strong><\/em><\/li>\n<li dir=\"ltr\"><em><strong>According to the lawmaker, cryptocurrency is software that has nothing instrinsically good or evil about it.<\/strong><\/em><\/li>\n<li dir=\"ltr\"><strong><em>He says the \u2018code committed no crime\u2019 and that the US cannot ban crypto \u00a0as that only pushes it offshore.<\/em><\/strong><\/li>\n<\/ul>\n<p dir=\"ltr\">US Senator Patrick \u201cPat\u201d Toomey Jr., a crypto-friendly lawmaker who believes regulatory clarity can benefit the sector, says the FTX case is about the crimes committed by Sam Bankman-Fried and others, and that the saga has nothing to do with <a href=\"https:\/\/coinjournal.net\/cryptocurrencies\/\">cryptocurrency<\/a> or the underlying technology.<\/p>\n<p dir=\"ltr\">Toomey, who said in an interview with CNBC\u2019s \u2018<em>Squawk Box<\/em>\u2019 on Tuesday that the indictment of the former FTX CEO should not be an indictment of crypto, maintains that the \u2018<em>code committed no crime<\/em>.\u201d\u00a0<\/p>\n<p dir=\"ltr\">He was <a href=\"https:\/\/twitter.com\/i\/status\/1603050838288609280\" rel=\"noopener noreferrer\" target=\"_blank\">commenting<\/a> on FTX\u2019s implosion following a House Committee hearing.<\/p>\n<p dir=\"ltr\">\u201c<em>The wrongful behaviour that occurred here is not specific to the underlying asset. What appears to have happened here is the complete breakdown in the handling of those assets,<\/em>\u201d he said.<\/p>\n<h2 dir=\"ltr\">\u2018Nothing intrinsically good or evil about software\u2019<\/h2>\n<p dir=\"ltr\">According to Senator Toomey, handling of the saga going forward should not involve calls to ban crypto altogether until regulations are in place. Indeed, his view is that FTX would not have happened if Congress had moved to offer the regulatory guidelines necessary to promote the ecosystem and help robust, well-regulated US-based exchanges take root.<\/p>\n<p dir=\"ltr\">That hasn\u2019t happened, and it\u2019s important to note that there\u2019s a difference between crypto as the underlying software and the companies built on top of it \u2013 like FTX. He added:<\/p>\n<p dir=\"ltr\">\u201c<em>There\u2019s nothing intrinsically good or evil about software\u2026it\u2019s about what people do with it. And with this analogy in mind, what we should all understand here is one simple thing \u2013 the code committed no crime. FTX and cryptocurrency are not the same thing<\/em>.\u201d<\/p>\n<h2 dir=\"ltr\">No one banned mortgages after 2008<\/h2>\n<p dir=\"ltr\">The lawmaker also stated that it\u2019s the FTX founder and his team that were \u2018opaque\u2019 and dishonest. Not the crypto.<\/p>\n<p dir=\"ltr\">He referenced the 2008 financial crisis, noting that no one moved to ban mortgages following the crisis, nor the US dollar when certain individuals mismanaged customer funds. Likewise, it would be inconceivable for people to suggest a ban on crypto \u2013 as the problem is clearly FTX and the misuse of customer funds.<\/p>\n<p dir=\"ltr\">Pause crypto! Toomey says \u2018no way\u2019, and that would only succeed in pushing the industry offshore.<\/p>\n<p dir=\"ltr\">\u201c<em>Short of enacting draconian, authoritarian policies, cryptocurrency cannot be stopped. If we try, the technology will simply migrate offshore. Cryptocurrency does not need brick and mortar facilities to operate<\/em>.\u201d<\/p>\n<p dir=\"ltr\">To help streamline the crypto sector and have properly regulated American crypto exchanges, he points to Congress.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The collapse of FTX is not an indictment of crypto. It\u2019s an indictment of those who misused customer assets.<\/p>\n<p>As I\u2019ve said for months, Congress needs to give regulatory clarity so business flows to prudent, sensible, well-regulated American crypto exchanges. <a href=\"https:\/\/t.co\/oXKZdawO0m\">pic.twitter.com\/oXKZdawO0m<\/a><\/p>\n<p>\u2014 Senator Pat Toomey (@SenToomey) <a href=\"https:\/\/twitter.com\/SenToomey\/status\/1603035390658727944?ref_src=twsrc%5Etfw\">December 14, 2022<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">Senator Toomey\u2019s remarks on Wednesday come after Bankman-Fried\u2019s arrest in the Bahamas. The former FTX CEO faces several criminal charges from the US Department of Justice, US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).\u00a0<\/p>\n<p dir=\"ltr\">As <a href=\"https:\/\/coinjournal.net\/news\/ftx-committed-old-fashioned-embezzlement-says-new-ceo-john-j-ray-iii\/\">reported earlier<\/a>, new FTX CEO John J Ray III believes what happened at FTX is \u2018old-fashioned embezzlement.\u2019<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/us-senator-toomey-on-ftx-and-sbf-the-code-committed-no-crime\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) FTX filed for bankruptcy in November and Senator Patrick Toomey says Congress should move to provide regulatory clarity on crypto, adding that FTX\u2019s collapse has nothing to do with cryptocurrency. According to the lawmaker, cryptocurrency is software that has nothing instrinsically good or [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":15467,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/15466"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=15466"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/15466\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/15467"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=15466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=15466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=15466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}