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

U.S. U.S.

“Digital ledger technology holds great promise for financial inclusion and innovation. This is an area where the United States leads, has led, in my opinion, and it’s one that I would like to see continue leading. This is especially true when we consider other countries such as China and the Chinese Communist Party, which have moved to ban private sector activities in this area.

Hagerty and Senator Mark Warner (D.VA) introduced legislation in July to examine China’s adoption a digital currency. Chopra and Hagerty had a history of clashing during the confirmation hearings. Hagerty even introduced a bill that required congressional approval to fund the bureau.

Hagerty stated that the cryptocurrency market was being used as a payment method in a speech he gave on July 27th. Are we able to fully assess the impact of this new taxation and regulation on this rapidly-developing industry? “Will this result in the United States losing its leadership in this rapidly-developing industry?”

Chopra criticized Facebook for adopting Libra while he was on the Federal Trade Commision. He also advocated that the Federal Reserve adopt an instant payment service called FedNow. As early as 2014, the CFPB warned consumers about Bitcoin. It stated that virtual currencies could pose problems such as unclear costs and volatile exchange rates, hacking, and scams. Companies may not be able to offer refunds or help for funds lost or stolen.