Bitcoin News and Finance
US Senator Bill Hagerty Warns SEC Actions ‘Pave the Way’ for a CBDC Skip to main content

US Senator Bill Hagerty Warns SEC Actions ‘Pave the Way’ for a CBDC

US Senator Bill Hagerty Warns SEC Actions 'Pave the Way' for a CBDC

Tennesse U.S. senator Bill Hagerty has warned about the consequences of the recent actions of the Securities and Exchange Commission (SEC) against cryptocurrency platforms in the country and the objectives that might be behind these. Hagerty stated that the true motivation behind the lawsuits against Coinbase and Binance is to remove the possible competitors of a federal government-issued central bank digital currency (CBDC).

U.S. Senator Bill Hagerty Believes SEC Is Paving the Way for a CBDC

U.S. senator Bill Hagerty has warned about what he thinks are the true objectives behind the recent legal actions against exchanges like Binance and Coinbase, which have been charged by the Securities and Exchange Commission (SEC) with violating securities laws.

Hagerty, a long-time critic of the SEC’s stance against crypto, believes that the organization is purposefully leading platforms out of the U.S. with a single objective: to establish a single central bank digital currency (CBDC).

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, part of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, added he would combat this initiative. Before, he had hinted at some congressional action against Gary Gensler and the SEC for “weaponizing” their roles to kill the cryptocurrency industry.

He declared:

Allowing a company to list publicly and then stonewalling their attempts to register is indefensible.

Before, the senator had criticized the SEC for establishing regulations disguised as guidance, vowing to push back against these actions. On April 2022, Hagerty introduced the Stablecoin Transparency Act, that “aims to provide much-needed clarity without giving the keys away to unaccountable bureaucrats who threaten to choke off innovation,” according to his statements.

Opposition to a CBDC Agenda

The senator is not the only one opposing the hypothetical issuance of a CBDC in the U.S. Florida governor Ron DeSantis has taken an anti-CBDC stance, signing a law that does not allow for national and foreign CBDCs to be classified as money. 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.”

What do you think about Bill Hagerty’s remarks on recent SEC actions? Tell us in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory