Trump’s Crypto Vision Gains Senate Support As Hagerty Pushes for U.S. Crypto Leadership

Jimmy Aki
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Tennessee Senator Bill Hagerty (R-TN) has publicly backed former President Donald Trump vision to establish America as a global crypto hub.

This endorsement comes amid growing debate over the future of cryptocurrency regulation and innovation in the country.

Senator Hagerty Advocates for U.S. Crypto Leadership

Speaking to Bloomberg Surveillance on July 30, Senator Hagerty emphasized the importance of nurturing crypto innovation within the United States.

“We need to make certain that it happens here in America,” Hagerty stated, drawing parallels between the crypto industry and the semiconductor sector.

He warned that allowing crypto innovation to move offshore could weaken America’s geopolitical standing, much like what happened with semiconductors.

The Senator praised Trump’s approach to crypto, describing it as “likewise involved” and noting that the former President is “embracing the fact that this has tremendous potential for America.”

Hagerty stressed the need to create an ecosystem where crypto can thrive domestically, stating, “We want it to evolve here. We want to create the ecosystem for it to thrive here.”

The Tennessee senator didn’t mince words when discussing the current administration’s handling of the crypto industry.

He accused the Biden administration of doing “everything they can to attack this industry” and failing to provide a clear regulatory framework.

This criticism aligns with broader Republican concerns about the perceived hostility of current regulators towards cryptocurrency innovation.

Potential Changes at the SEC And Broader Political Support for Trump

The Senator also touched on Trump’s promise to fire SEC Chair Gary Gensler if re-elected. While acknowledging the legal complexities surrounding such a move, Hagerty supported the idea of leadership change at the SEC.

He mentioned Trump’s intention to “end Operation Choke Point,” referring to alleged government efforts to restrict crypto industry operations. However, this has not been officially confirmed as a Biden administration policy.

Notably, Hagerty’s backing of Trump’s crypto vision is part of a larger trend of Republican support for the former president, although Robert F. Kennedy Jr. has criticized Trump’s crypto enthusiasm ahead of the November election.

In April 2023, Hagerty was among many GOP Senators who endorsed Trump’s bid for the U.S. presidency. He praised Trump’s previous administration for border security, energy independence, and stance on China.

Fellow Tennessee Senator Marsha Blackburn (R) also endorsed Trump, criticizing President Biden’s policies and expressing confidence in Trump’s ability to address economic issues and border security.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.