(Bloomberg) -- China’s crackdown on cryptocurrency transactions “is a big opportunity for the U.S.”, according to Pat Toomey, the top Republican on the Senate Banking Committee.

China’s central bank banned all crypto-related transactions, including services provided by off-shore exchanges. The People’s Bank of China said on its website that cryptocurrencies including Bitcoin and Tether are not fiat currency and cannot be circulated. 

In the U.S., a group of investor advocates urged the Securities and Exchange Commission for more scrutiny of cryptocurrency projects and regulators warned the industry that it’s in danger of echoing the toxic culture before the 2008 financial crisis.


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