US Senator Calls for Light Crypto Regulation That Doesn’t Kill Innovation and Drive Companies Offshore

Share This Post

US Senator Calls for Light Crypto Regulation That Doesn't Kill Innovation and Drive Companies Offshore

A U.S. senator says Congress needs to regulate the crypto industry “with a light touch that doesn’t kill innovation in the U.S.” Noting that crypto “has the potential to disrupt much of the traditional banking model,” he stressed that crypto regulation needs to be appropriate to avoid driving companies offshore.

‘We Need to Regulate With a Light Touch’

Senator Bill Hagerty (R-TN), a member of the U.S. Senate Banking and Foreign Relations Committees and former U.S. Ambassador to Japan, addressed JPMorgan CEO Jamie Dimon’s controversial remarks about bitcoin and cryptocurrency during an interview with Bloomberg and in a post on social media platform X on Thursday.

Commenting on Dimon’s statement made during a Senate hearing that he would close down crypto and bitcoin if he were the government, Hagerty wrote:

I can understand why large banks are opposed to cryptocurrencies — the technology has the potential to disrupt much of the traditional banking model. This is not a fight for DC to pick sides on. We need to regulate with a light touch that doesn’t kill innovation in the U.S.

The senator was asked during the Bloomberg interview whether the government should do more to regulate crypto.

While acknowledging the potential threat crypto poses to traditional banking, he emphasized the need for fostering innovation instead of stifling it. “We need to come back and look at this industry,” he stressed, urging Congress to “maintain the innovative aspects of the cryptocurrency industry rather than push it offshore.”

The lawmaker added:

We need to figure out a good way, a proper way, an appropriate way to regulate cryptocurrency here with a light enough touch that will allow us to continue to lead the way with innovation.

Hagerty is among the lawmakers who have criticized the U.S. Securities and Exchange Commission (SEC) and Chair Gary Gensler for taking an enforcement-centric approach to regulating the crypto industry.

Do you agree with Senator Bill Hagerty that the U.S. should regulate crypto with a light touch to allow innovation to flourish? Let us know in the comments section below.

Read Entire Article

Related Posts

The Bitcoin “Big Money Algos” Are Here: Will BTC Breach $70,000?

Mike Alfred, a Bitcoin investor and crypto commentator, thinks the “big money algos” are back and predicts the world’s most valuable cryptocurrency will rally to record fresh

Ethereum Taps $3,000 Barrier Amid ETF Speculation and Upcoming Dencun Upgrade

The value of ethereum, the crypto market’s second-largest asset by market cap, eclipsed the $3,000 milestone on Tuesday, peaking at $3,014 per unit in the morning trading hours Over the last

Solana, Chainlink Among Coins With Overheating Open Interest: Data

Data shows Solana and Chainlink are among the top cryptocurrencies that have observed growth in Open Interest to relatively high levels Solana & Chainlink Have Their Open Interest At Notable

Ripple Vs. SEC Legal Dispute: Expert Speculates On April Conclusion

The ongoing legal battle between San Fransisco-based payment firm Ripple Labs Inc and the United States Securities and Exchange Commission (SEC) is presently in the limelight as today marks the

Gaunt photos of FTX founder Sam Bankman-Fried in prison emerge online

The first photos of Sam Bankman-Fried, the convicted founder of the bankrupt FTX exchange, at New York’s Metropolitan Detention Centre, have emerged online from crypto influencer Tiffany Fong

Ethereum Receives Nod Of Approval From Berstein: ETH Price Will Reach $10,000

Global asset management firm, Bernstein has expressed confidence, foreseeing a fairly strong chance of the United States Securities and Exchange Commission (SEC) approving an Ethereum Spot ETF  
- Advertisement -spot_img