Don’t Stifle Crypto Innovation, Says US Senator Hagerty to CFPB Director

U.S. Senator Bill Hagerty talked to newly selected Consumer Financial Protection Bureau Director Rohit Chopra about cryptocurrency. Notably, Bill told Chopra not to use the power of his agency to stifle innovation in the cryptocurrency space. To note, Hagerty is a member of the Senate Banking Committee who was elected in 2020 to represent Tennessee after a stint as Ambassador to Japan.

Senator Hagerty noted:

Digital ledger technology offers a tremendous amount of promise in terms of financial innovation and inclusion. It’s an industry where I think the United States is leading, has led, and I’d 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.

In July, Bill and Senator Mark Warner introduced legislation to study China’s adoption of a digital currency. Notably, during the former confirmation hearings, Hagerty and Chopra clashed. Meanwhile, Hagerty introduced a bill to require congressional approval for the bureau’s funding.

In addition, in the Senate floor speech Hagerty opined, “We’re using the crypto market as a pay-for.” But, on the other hand, Chopra criticized Facebook’s adoption of Libra during his time on the Federal Trade Commission and advocated for the Federal Reserve to adopt an instant payment service called FedNow.