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Blockchain technology is about to transform every trust-based interaction of our lives, from financial services to identity, from health care to our Internet of Things devices. In this podcast, host Laura Shin talks with industry pioneers across tech, financial services, health care, government and other sectors about how the blockchain and cryptocurrency will open up new opportunities for incumbents, startups and everyday people to interact more efficiently, directly and globally.

Sep 23, 2022

Pat Toomey, U.S. Senator for Pennsylvania, talks about legislation in the crypto industry, how to determine if something is a security, the future of CBDCs, and much more. 


Show highlights:

  • the structural differences between crypto tokens and securities
  • why Sen. Toomey is demanding crypto legislation
  • why “regulation by enforcement” does not provide clarity
  • how to determine if a token is decentralized
  • whether proof of stake consensus turns tokens into securities
  • Sen. Toomey’s take on the new framework for stablecoin regulation
  • whether it is appropriate to ban algorithmic stablecoins
  • the importance to make disclosures so that regular users understand the risks of crypto
  • how the collapse of Terra and other crypto companies like Voyager and Celsius affected lawmakers’ perception of crypto
  • whether the US Treasury made a mistake with the Tornado Cash sanctions
  • what the government should take into account in regards to a central bank digital currency (CBDC)
  • why he believes the White House reports on crypto are not helpful and whether entrepreneurial talent is migrating to other countries
  • the likelihood of any of the crypto bills passing soon

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Sen. Toomey



Previous Coverage of Unchained on regulation:



SEC Views

Gary Gensler’s comments on PoS tokens

Sen. Toomey’s opinion


White House Reports




Tornado Cash


Ian Balina charges