China's Crackdown On Crypto Is A Big Opportunity For The US, Says Senator Pat Toomey

A wave of fear on the back of China’s latest crypto ban sent Bitcoin BTC/USD tumbling down to $40,900 — but one U.S. senator thinks of it as a “big opportunity.”

What Happened: Sen. Pat Toomey, a Pennsylvania Republican, called China’s crypto crackdown a big opportunity for the U.S.

China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.

— Senator Pat Toomey (@SenToomey) September 24, 2021

“Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades,” said Toomey.

“Economic liberty leads to faster growth, and ultimately, a higher standard of living for all,” he added.

Crypto Twitter was quick to point out that, in recent times, the U.S. Securities and Exchange Commission (SEC) had also been fairly “hostile to economic freedom.”

Earlier this week, crypto exchange Coinbase Global Inc COIN opted against launching its “Lend” product after facing increased scrutiny from the SEC.

“Our goal is to create great products for our customers and to advance our mission to increase economic freedom in the world. As we continue our work to seek regulatory clarity for the crypto industry as a whole, we’ve made the difficult decision not to launch,” Coinbase said in a blog post.

According to Coinbase CEO Brian Armstrong, the SEC was the only regulator that refused to meet with him during his trip to Washington D.C.

BTC Price Action: Bitcoin is trading at $42,188, down 3.65% over 24 hours.