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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.

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