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Senator Pat Toomey Still Sees Chance of Stablecoin Legislation This Year

A potential first step towards clearer crypto rules.

Senator Pat Toomey, a Republican from Pennsylvania, during a news conference with Mehmet Oz, US Republican Senate candidate for Pennsylvania, in Philadelphia, Pennsylvania, US, on Tuesday, Sept. 6, 2022. 

Senator Pat Toomey, a Republican from Pennsylvania, during a news conference with Mehmet Oz, US Republican Senate candidate for Pennsylvania, in Philadelphia, Pennsylvania, US, on Tuesday, Sept. 6, 2022. 

Photographer: Hannah Beier/Bloomberg

Senator Pat Toomey believes there’s still a chance for Congress to pass a meaningful bill regulating stablecoins this year.

In an interview with the Odd Lots podcast, the retiring Pennsylvania Republican and ranking member of the Senate Banking Committee said that the implosion of the Luna algorithmic stablecoin this spring served to galvanize interest in Washington, D.C. for bringing regulatory clarity to the crypto industry.