{"id":359943,"date":"2021-10-30T00:10:20","date_gmt":"2021-10-29T21:10:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-senator-hagerty-to-cfpb-director-dont-stifle-crypto-innovation\/"},"modified":"2021-10-30T00:10:20","modified_gmt":"2021-10-29T21:10:20","slug":"us-senator-hagerty-to-cfpb-director-dont-stifle-crypto-innovation","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-senator-hagerty-to-cfpb-director-dont-stifle-crypto-innovation\/","title":{"rendered":"# US Senator Hagerty to CFPB Director: Don\u2019t Stifle Crypto Innovation"},"content":{"rendered":"

“# US Senator Hagerty to CFPB Director: Don\u2019t Stifle Crypto Innovation <\/strong>”
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U.S. Senator Bill Hagerty (R-VA), who was elected in 2020 to represent Tennessee after a stint as Ambassador to Japan, spoke <\/a>to newly app<\/a>ointed Consumer Financial Protection Bureau Director Rohit Chopra regarding cryptocurrencies in a banking committee hearing, saying \u201cI just want to make certain as you exercise those oversight responsibilities that we don’t stifle innovation in this arena.\u201d<\/p>\n

\u201cDigital ledger technology<\/a> offers a tremendous amount of promise in terms of financial innovation and inclusion. It\u2019s an industry where I think the United States is leading, has led, and I\u2019d like to see us continue to lead there. Especially when we look at other countries like China and the Chinese Communist Party that has moved to ban private sector activity in that arena.\u201d<\/p><\/blockquote>\n

Hagerty introduced<\/a> legislation with Senator Mark Warner (D-VA) in July to study China\u2019s adoption of a digital currency. Chopra and Hagerty have notably clashed<\/a> previously during the former\u2019s confirmation hearings, with Hagerty even introducing a bill to require congressional approval for the bureau\u2019s funding.<\/p>\n

In a late July Senate floor speech Hagerty opined<\/a> \u201cWe\u2019re using the cryptocurrency market as a pay-for. Have we fully vetted how this new regulation and taxation will affect this rapidly developing industry? Will leadership in this industry flee the United States as a result?\u201d <\/p>\n

Chopra criticized Facebook<\/a>\u2019s adoption of Libra during his time on the Federal Trade Commision, and advocated for the Federal Reserve to adopt an instant payments service called FedNow. The CFPB warned<\/a> consumers against Bitcoin as early as 2014, saying at the time that they should be \u201cbe aware of potential issues with virtual currencies such as unclear costs, volatile exchange rates, the threat of hacking and scams, and that companies may not offer help or refunds for lost or stolen funds.\u201d\u00a0<\/p>\n