U.S. Senator Calls For U.S. To Be Crypto Hub, Backs Trump While Doing So

By Anthony • August 1, 2024 9:30 am • Comments

Republican U.S. Senator Bill Hagerty of Tenessee has fully endorsed President Trump and believes the 45th president will help make the United States a crypto hub.

Hagerty, in an interview with Bloomberg Surveillance, shared, “We want it (crypto) to evolve here; we want to create the ecosystem for it to thrive here.”

Hagert added, “We need to make certain that it happens here in America.”

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Watch Senator Hagerty below:

Here’s what DeCrypt reported:

U.S. Senator Bill Hagerty (R-TN) threw his support behind Presidential candidate Donald Trump’s bid to make the U.S. a crypto hub this week.

Speaking to Bloomberg Surveillance, Hagerty argued that, “We need to make certain that it happens here in America.” He likened crypto to the semiconductor industry that, “got pushed offshore and weakened us from a geopolitical standpoint,” adding that, “We need to see this innovation happening here.”

Describing Trump’s stance on crypto as “likewise involved,” Hagerty said that the former President is “embracing the fact that this has tremendous potential for America.”

“We want it to evolve here,” Hagerty added. “We want to create the ecosystem for it to thrive here.”

He accused the Biden administration of pushing the crypto industry offshore, arguing that the White House “has done everything they can to attack this industry,” and failing to provide it with a regulatory framework.

Hagerty also doubled down on Trump’s promise to fire U.S. Securities and Exchange Commission (SEC) chair Gary Gensler were he to win the election.

Here’s a partial transcript of Hagerty’s interview with Bloomberg provided by his Office:

Hagerty on record-high inflation under the Biden-Harris Administration: “We have a number of problems with the economy. I think the biggest one, however, and it’s related, is inflation, and inflation is driving higher interest rates. Of course, that has a direct impact on our currency, but President Trump’s policies will have an immediate impact to bring inflation down because he is going to end this Administration’s war on fossil fuels to bring energy costs down, go back to a deregulatory construct as he did in the prior Administration, and take down regulatory and compliance barriers. All of these will have a lowering impact on cost here in America. It’ll have a lower impact on inflation. Those will be directly beneficiary and then basically help make the case, then, to bring rates down and therefore bring our currency into a different position.”

Hagerty on the importance of cryptocurrency for U.S. competitive advantage: “Lisa, I think this is something that has evolved over time. I first began looking into crypto in the previous Administration in 2018. That was my first engagement. I initially started at a point of skepticism, as I think many of my colleagues do, but when I began to understand the underlying technology and realizing the potential for dramatic productivity gains, what I thought to myself is we need to make certain that it happens here in America. The last thing we want is to see what happened with the semiconductor industry, where it got pushed offshore and weakened us from a geopolitical standpoint. We need to see this innovation happening here. I’ve been in many conversations with President Trump. His thinking has likewise evolved and he’s embracing the fact that this has tremendous potential for America. We want it to evolve here. We want to create the ecosystem for it to thrive here, and the last thing we need to do is push it offshore. However, the current Administration has done everything they can to attack this industry and to push it offshore. Again, to use the SEC, the CFTC, every tool at their disposal to come in and attack this industry and refuse to provide it with any type of regulatory framework. President Trump made the statement at the Bitcoin conference that one of the first things he’ll do is change out the Administration’s leadership. Gary Gensler, he said, will be fired. That brought people to their feet in applause. He’s going to end Operation Chokepoint that’s been taking place on the crypto industry here in America, and he’s going to try to create the environment here where the industry can thrive, and we’ll see the next wave of innovation happening right here in America.”

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