Bill Hagerty Cautions Against Stifling Innovation in Crypto Industry
Bill Hagerty is a Senator of the United States who represents Tennessee following the 2020 election. He was previously an ambassador of the United States to Japan. He talked to Rohit Chopra, Director of Consumer Financial Protection Bureau who was appointed recently, about cryptocurrency during a banking committee hearing. He stated his desire to ensure that innovation is not stifled in the cryptocurrency industry while trying to provide oversight on the industry.
The United States Should Maintain Lead in Cryptocurrency Industry
Digital ledger technology is a technology that offers a lot of potential with regard to financial innovation and inclusion. This industry is one where Hagerty thinks the United States has led in the past and is currently leading, and he will like the country to maintain its lead. This is in contrast to countries like China and their government that took steps to ban citizens from cryptocurrency transactions and mining.
In July, Bill Hagerty together with Senator Mark Warner introduced legislation with the aim of studying the adoption of digital currency in China. During the confirmation hearings of Hagerty, Chopra and he had a clash of ideas. Hagerty introduced a bill which when approved would mean that congressional approval will be needed before funding the Consumer Financial Protection Bureau.
Impact of Regulation and Taxes on Cryptocurrency Industry
During a speech on the floor of the Senate, Hagerty stated that we are using the crypto market as a pay-for. He questions the rigor behind the new regulation and taxation on cryptocurrency, as the effect of such on the developing industry has to be fully vetted. He questioned the impact of the new regulation and taxation on the cryptocurrency industry leaders, and if they could leave the country as a result of these new regulations and taxes. He gave this speech in late July on the Senate floor regarding the new regulations and taxation on the cryptocurrency industry.
While he was at the Federal Trade Commission, Chopra criticized the adoption of Libra by Facebook and he advocated for the Federal Reserve to adopt FedNow, an instant payment service. There have been warnings against Bitcoin by the Consumer Financial Protection Bureau as far back as 2014. At the time, the bureau cautioned consumers regarding the possible issues with cryptocurrency including the volatility in the exchange rate, unknown costs, the risk of hacking and scams, and that they may not get any help if their crypto is stolen or lost.
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