One of the top senators of the Senate Banking Committee is Pennsylvania Senator Pat Toomey. He suggested that Congress pass legislation if the Securities and Exchange Commission fails to offer sufficient guidance regarding cryptocurrencies.

Toomey announced Friday that he would be stepping down from the Senate Banking Committee. The answers that Gary Gensler, SEC chair, had given on the difference between commodities and securities in relation to stablecoins and token projects was not satisfactory. The senator questioned some of the SEC’s seeming disparities in enforcement actions between crypto firms and advisory services companies, including Glass Lewis for similar allegations of providing “fraudulent and misleading information.”