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Senator Pat Toomey (R-PA), a senior member of the US Senate Banking Committee, said Congress needs to intervene on the issue of cryptocurrency regulation.

In particular, Senator Toomey points out that the United States Securities and Exchange Commission (SEC), through its Chairman Gary Gensler, has provided nothing as clear as regulation on how existing frameworks on securities apply for cryptocurrencies.

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That, he told Bloomberg in a interviewdespite Gensler’s repeated comments calling just about every other crypto a security except Bitcoin (BTC) which is considered a commodity.

“I think the problem is that the SEC doesn’t share with us the framework they use. Gary Gensler claims that virtually all crypto tokens are securities. I think reasonable people might disagree with that.

Crypto is “unlike” stocks and bonds

On crypto versus their regulation versus actions and obligationsthe lawmaker noted that Gensler’s exemption of Bitcoin from securities classification does little to explain the agency’s approach to anything that the SEC chairman says is a security.

“He doesn’t go on to say how we would apply the existing frameworks that we’ve used to regulate the issuance and trading of securities to very, very new and very different technology where some of those things don’t fit – like the rules of custody, permission rules.”

According to lawmakers, Gensler’s failure to provide clarity on how to adapt existing securities laws to crypto should be reason for Congress to step in.

“I think actually Congress should step in and provide guidance. I think crypto is different enough. Even if you want to argue that these tokens are securities, you have to make the argument. But you can’t argue that they are very different from a stock or a bond. And so Congress should step in and provide a framework.

The Pennsylvania lawmaker added that he was working on the need for Congress to make a decision. Although it’s probably going to be”really hard to do while waiting.”

According to him, the SEC chairman needs to offer a lot more clarity on “how and why he intends to enforce” crypto regulations.

The senator’s remarks come on the day when the ambitious Ethereum (ETH) upgrade “fusion”, like thoroughly analyzed by Invezzfinally arrived after a long wait.

Gensler’s past remarks saw James Butterfill, head of research at CoinShares, to tell about Bloomberg earlier today that political (and possibly regulatory) interference could be Ethereum’s biggest downside going forward.

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