A US senator said Congress should regulate the cryptocurrency industry “with light measures that do not stifle American innovation.” Cryptocurrencies “have the potential to disrupt much of the traditional banking model,” he said.He emphasized that cryptocurrency regulation must be appropriate to avoid forcing companies overseas.
‘Must be regulated with a light touch’
Senator Bill Hagerty (R-TN), a member of the U.S. Senate Banking and Foreign Affairs Committee and former U.S. Ambassador to Japan, criticized JPMorgan CEO Jamie Dimon’s controversial comments on Bitcoin and cryptocurrencies in an interview with Bloomberg and social media posts. I mentioned the remarks. Platform X on Thursday.
In response to Dimon’s comments during a Senate hearing in which he said he would shut down cryptocurrencies and Bitcoin if he were the government, Hagerty wrote:
I can understand why big banks are against cryptocurrencies. This technology has the potential to disrupt much of the traditional banking model. This isn’t a fight for DC to take sides. We need to regulate with a light touch that doesn’t kill American innovation.
The senator was asked in a Bloomberg interview whether the government should do more to regulate cryptocurrencies.
While he acknowledged the potential threat that cryptocurrencies pose to traditional banks, he emphasized the need to foster innovation rather than stifle it. “We need to come back and look at this industry,” he said, urging Congress to “maintain the innovative aspect of the cryptocurrency industry rather than push it overseas.”
The National Assembly member added:
We need to find a good way, a good way, an appropriate way to regulate cryptocurrencies with a light touch so that they can continue to lead through innovation.
Hagerty is among lawmakers who have criticized the U.S. Securities and Exchange Commission (SEC) and Chairman Gary Gensler for taking an enforcement-centric approach to regulating the cryptocurrency industry.
Do you agree with Senator Bill Hagerty that the United States should lightly regulate cryptocurrencies to allow innovation to thrive? Let us know in the comments section below.
Source: Bitcoin.com