China has been tough on cryptocurrency-related activities, and Senator Pat Toomey believes it is a great opportunity for the United States.
The U.S. can win in crypto following China’s ban
The Chinese government has issued numerous bans against cryptocurrency-related activities over the years. Earlier this week, the regulators said they are combining efforts to further crackdown on cryptocurrency transactions in the country.
Although the news is not new, Republican Senator Pat Toomey from Pennsylvania said this latest development presents an excellent opportunity for the United States. He stated that “China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.”
According to the Senator, Beijing is so hostile to economic freedom that the government finds it hard to tolerate its 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,” he concluded.
The U.S. is pushing for cryptocurrency regulation
While the United States might be planning to ban cryptocurrencies, the regulators are pushing hard for broader regulation of the crypto space. The SEC chair Gary Gensler has discussed the need to regulate the DeFi sector, stablecoins and cryptocurrencies.
Gensler has asked the U.S. Congress to grant the regulator more resources and power to increase its oversight of the cryptocurrency space.