U.S. Senator Challenges Big Banks’ Stance on Cryptocurrency

Senator Bill Hagerty (R-TN), who serves on the U.S. Senate Banking and Foreign Relations Committees and is a former U.S. Ambassador to Japan, recently shared his views on JPMorgan CEO Jamie Dimon’s critical comments about bitcoin and cryptocurrency. In an interview with Bloomberg and a social media post on Thursday, Hagerty responded to Dimon’s Senate hearing remark about shutting down crypto and bitcoin if it were up to him.

Hagerty expressed his understanding of why big banks might be against cryptocurrencies, citing their potential to disrupt traditional banking structures. He emphasized that it’s not Washington D.C.’s role to take sides in this matter. Instead, he advocated for regulation that is light enough to not hamper innovation in the U.S.

During the Bloomberg interview, when asked about the government’s role in regulating crypto, Hagerty acknowledged the challenges crypto poses to conventional banking. However, he focused on the importance of nurturing innovation rather than curtailing it. He called for Congress to revisit the industry, urging the preservation of the innovative aspects of cryptocurrency to prevent pushing it overseas.

Hagerty also commented on the need to find a balanced approach to regulating cryptocurrency in the U.S., one that encourages continued leadership in innovation.

He has been a vocal critic of the U.S. Securities and Exchange Commission (SEC) and its Chair Gary Gensler, particularly regarding their approach to crypto industry regulation, which he sees as too focused on enforcement.

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