US Senator Hagerty to CFPB director: don’t stifle crypto innovation


US Senator Bill Hagerty (R-VA), who was elected in 2020 to represent Tennessee after a stint as Ambassador to Japan, was talking to the new director of the Consumer Financial Protection Bureau, Rohit Chopra, on cryptocurrencies at a banking committee hearing, saying: “I just want to make sure that you exercise these supervisory responsibilities that we are not choking the innovation in this area. “

“Digital ledger technology holds great promise in terms of financial innovation and inclusion. It’s an industry where I think the United States is leading, has been leading, and I would like us to continue to lead there. Especially when you look at other countries like China and the Chinese Communist Party which have decided to ban private sector activities in this area. “

Hagerty introduced legislation with Senator Mark Warner (D-VA) in July to study China’s adoption of a digital currency. Chopra and Hagerty have notably clashed previously in the first confirmation hearings, Hagerty even introduced a bill requiring congressional approval for office funding.

In a speech in the Senate at the end of July, Hagerty nodded “We use the cryptocurrency market as a means of payment. Have we fully considered how this new regulation and taxation will affect this rapidly developing industry? As a result, will the leadership of this industry flee the United States? ”

Chopra critical Facebook’s adoption of Libra during his tenure on the Federal Trade Commission and advocated for the Federal Reserve to adopt an instant payment service called FedNow. CFPB warned consumers against Bitcoin as early as 2014, saying at the time that they should be “aware of potential problems with virtual currencies such as unclear costs, volatile exchange rates, the threat of hacks and scams, and that companies may not offer assistance or refunds for lost or stolen funds.

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