Sen. Bill Hagerty of Tennessee has warned against the dangers of implementing a central bank digital currency. Bitcoin.com reports:
U.S. senator Bill Hagerty has warned about what he thinks are the true objectives behind the recent legal actions against exchanges like Binance and Coinbase, which have been charged by the Securities and Exchange Commission (SEC) with violating securities laws.
Hagerty, a long-time critic of the SEC’s stance against crypto, believes that the organization is purposefully leading platforms out of the U.S. with a single objective: to establish a single central bank digital currency (CBDC).
Hagerty stated:
Gary Gensler is finally saying the quiet part out loud: the Biden Admin wants to kill market innovation to pave the way for a CBDC, which would give the federal gov. unprecedented insight into your life.
Hagerty, part of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, added he would combat this initiative. Before, he had hinted at some congressional action against Gary Gensler and the SEC for “weaponizing” their roles to kill the cryptocurrency industry.
He declared:
Allowing a company to list publicly and then stonewalling their attempts to register is indefensible.
Before, the senator had criticized the SEC for establishing regulations disguised as guidance, vowing to push back against these actions. On April 2022, Hagerty introduced the Stablecoin Transparency Act, that “aims to provide much-needed clarity without giving the keys away to unaccountable bureaucrats who threaten to choke off innovation,” according to his statements.
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