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

The discussion happened at a financial board conference with Consumer Protections supervisorRohit Chopra

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

U.S. Senator Bill Hagerty (R-VA), that was chosen in 2020 to stand for Tennessee after a job as Ambassador to Japan, talked to recently selected Consumer Financial Protection Bureau Director Rohit Chopra relating to cryptocurrencies in a financial board hearing, stating “I just want to make certain as you exercise those oversight responsibilities that we don’t stifle innovation in this arena.”

“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.”

Hagerty presented regulations with Senator Mark Warner (D-VA) in July to research study China’s fostering of an electronic money. Chopra and also Hagerty have actually especially clashed formerly throughout the previous’s verification hearings, with Hagerty also presenting a costs to need legislative authorization for the bureau’s financing.

In a late July Senate flooring speech Hagerty believed “We’re 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?”

Chopra slammed Facebook’s fostering of Libra throughout his time on the Federal Trade Commision, and also promoted for the Federal Reserve to take on an immediate repayments solution called FedNow. The CFPB alerted customers versus Bitcoin as early as 2014, stating as they must be “be 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.”

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