Senator Toomey Urges US Lawmakers to Adopt Crypto and Gain ‘Huge’ Advantage over China Crypto supporter Senator Pat Toomey (R-Pa) also wrote a letter to SEC Chair Gary Gensler in which he admonished the agency for its “regulation-by-enforcement” strategy and called for more regulatory clarity. Senator Pat Toomey (R-Pa) urged US lawmakers to embrace cryptocurrency and gain an advantage over China after the People’s Bank of China yet again declared on Friday that “Virtual currency-related business activities are illegal financial activities.” In response to this, Toomey, who joined crypto supporters Cynthia Lummis (R- Wyo), Ron Wyden (D-Ore) to introduce amendments…