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.
Gensler would still have 17 months left to serve were Trump to take office in January, and a 1930s Supreme Court ruling prevents the President from removing executive agency commissioners without cause—though a new president does have the power to nominate an existing SEC commissioner to become SEC Chair, and demote the current Chair.
Trump, Hagerty added, would "end Operation Choke Point," referencing a claim that the U.S. government is engaged in a "sophisticated, widespread crackdown against the crypto industry" that has never been explicitly articulated as an official policy of the Biden administration.
The Presidential race and crypto
Trump and the Republican Party have aggressively courted the crypto vote, with the former President accepting crypto donations (predominantly from large donors) and rebranding himself as a crypto-friendly candidate after dismissing Bitcoin during his term in office as "not money."
The departure of Joe Biden from the Presidential race, and the accession of Kamala Harris as the Democratic heir apparent, has been seen as an opportunity to reset the party's relations with the crypto industry.
The current Vice President and Democratic Party frontrunner for the nomination has reportedly reached out to crypto firms, while pro-crypto House Democracts have urged Harris to take a "balanced" approach to the industry.
Edited by Stacy Elliott.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.