Senator Bill Hagerty (R-TN) explained in an interview with The Daily Wire why he supports cryptocurrency, and how the Democratic Party cou...
Senator Bill Hagerty (R-TN) explained in an interview with The Daily Wire why he supports cryptocurrency, and how the Democratic Party could threaten its success if Vice President Kamala Harris and other Democrats win in November.
“If we don’t see the next generation of innovation occurring here in America, if we push it offshore, someone else will hold a competitive advantage,” Hagerty said. “The United States of America has been the hub of innovation. That’s been a huge source of our success. We should not shove it offshore.”
Hagerty, a member of the Senate Banking Committee, told The Daily Wire he is concerned that the crypto industry could be pushed overseas by the Democratic Party’s policies.
“The Democrats, I think, are most resistant to this because of its decentralized nature,” the senator said. “What they’re pushing is a centralized digital currency, a CBDC, a central bank digital currency, which they could issue, and by having it centralized by custody, by not allowing us to have our own custody they could, in essence, track, monitor and control our transactions.”
“That is the last thing we want to see happen here in America,” Hagerty said.
Democrats oppose cryptocurrency because it offers consumers a freedom not granted by central currency, Hagerty said.
“I think whether you’re Democrat, Independent, or Republican, you inherently want freedom. You inherently seek freedom in liberty and opportunity,” he said. “Central Bank digital currency cuts in the exact opposite direction. We have a class and a bureaucratic class in Washington that has a very different view.”
Hagerty told The Daily Wire that he hopes to “make America an attractive place for this industry to thrive,” adding that “there’s a huge difference between the two parties, and frankly, I think in November, the success or failure of this industry is on the ballot.”
The senator’s statements come after former President Donald Trump embraced the industry and spoke at Nashville, Tennessee’s Bitcoin conference in July.
“If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they’ll dominate, and we cannot let China dominate,” Trump told the crowd. “If Bitcoin is going to the moon, as we say, it’s going to the moon, I want America to be the nation that leads the way.”
Cryptocurrency holders have become increasingly politically mobilized this year, with companies from the industry preparing $160 million to back candidates who support the industry.
Hagerty also spoke at the Bitcoin conference, as did Senators Marsha Blackburn (R-TN), Cynthia Lumis (R-WY), and Representative Ro Khanna (D-CA).
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