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

A U.S. legislator says Congress needs to modulate the crypto manufacture “with a airy interaction that doesn’t termination innovation successful the U.S.” Noting that crypto “has the imaginable to disrupt overmuch of the accepted banking model,” helium stressed that crypto regularisation needs to beryllium due to debar driving companies offshore.

‘We Need to Regulate With a Light Touch’

Senator Bill Hagerty (R-TN), a subordinate of the U.S. Senate Banking and Foreign Relations Committees and erstwhile U.S. Ambassador to Japan, addressed JPMorgan CEO Jamie Dimon’s arguable remarks astir bitcoin and cryptocurrency during an interrogation with Bloomberg and successful a station connected societal media level X connected Thursday.

Commenting connected Dimon’s statement made during a Senate proceeding that helium would adjacent down crypto and bitcoin if helium were the government, Hagerty wrote:

I tin recognize wherefore ample banks are opposed to cryptocurrencies — the exertion has the imaginable to disrupt overmuch of the accepted banking model. This is not a combat for DC to prime sides on. We request to modulate with a airy interaction that doesn’t termination innovation successful the U.S.

The legislator was asked during the Bloomberg interrogation whether the authorities should bash much to modulate crypto.

While acknowledging the imaginable menace crypto poses to accepted banking, helium emphasized the request for fostering innovation alternatively of stifling it. “We request to travel backmost and look astatine this industry,” helium stressed, urging Congress to “maintain the innovative aspects of the cryptocurrency manufacture alternatively than propulsion it offshore.”

The lawmaker added:

We request to fig retired a bully way, a due way, an due mode to modulate cryptocurrency present with a airy capable interaction that volition let america to proceed to pb the mode with innovation.

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

Do you hold with Senator Bill Hagerty that the U.S. should modulate crypto with a airy interaction to let innovation to flourish? Let america cognize successful the comments conception below.