US Senator Bill Hagerty Warns SEC Actions ‘Pave the Way’ for a CBDC – Tennessee’s U.S. Senator, Bill Hagerty, has raised concerns about the intentions behind the Securities and Exchange Commission’s (SEC) recent crackdown on cryptocurrency platforms in the United States. According to Hagerty, the lawsuits filed against Coinbase and Binance are not solely aimed at enforcing securities laws but rather have a deeper purpose.
He believes that the true motivation behind these actions is to eliminate potential competitors for a central bank digital currency (CBDC) issued by the federal government. Senator Bill Hagerty of the state of Tennessee has issued a warning regarding the underlying motives behind the recent legal measures taken by the Securities and Exchange Commission (SEC) against cryptocurrency exchanges such as Coinbase and Binance.
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These exchanges have been accused by the SEC of violating securities regulations. Hagerty, who has been a consistent critic of the SEC’s stance on cryptocurrencies, suspects that the commission is deliberately driving these platforms away from the United States. His belief is that the SEC’s ultimate goal is to pave the way for the introduction of a singular central bank digital currency (CBDC) issued by the federal government.
Hagerty stated: “Gary Gensler is finally saying the quiet part out loud: the Biden Admin wants to kill market innovation to pave the way for a CBDC, which would give the federal gov. unprecedented insight into your life.” Hagerty, a member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, expressed his intention to oppose this endeavor. Previously, he had alluded to the possibility of taking legislative action against Gary Gensler and the SEC, accusing them of misusing their positions to undermine the cryptocurrency industry.
He declared: “Allowing a company to list publicly and then stonewalling their attempts to register is indefensible.” Previously, the senator had voiced his disapproval of the SEC’s approach of implementing regulations under the guise of guidance, and he made a commitment to resist these actions. In April 2022, Hagerty introduced the Stablecoin Transparency Act, which seeks to offer essential clarity while ensuring that decision-making power is not placed in the hands of unaccountable bureaucrats who pose a risk to stifling innovation. This information is in accordance with his statements.
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The senator is not alone in his opposition to the potential introduction of a CBDC in the United States. Florida governor Ron DeSantis has also adopted an anti-CBDC position by enacting a law that prohibits national and foreign CBDCs from being categorized as legal tender. He stated: “The last thing our country needs is a federally controlled centralized bank digital currency (CBDC) weaponized by the Biden administration.” In April, presidential hopeful Robert F. Kennedy Jr warned about the possible dangers of issuing a CBDC in the country, explaining that “CBDCs grease the slippery slope to financial slavery and political tyranny.”
