Home
News
The Republican Senator from Tennessee Bill Hagerty has urged the United States Consumer Financial Protection Bureau (CFPB) not to stifle the innovation of cryptocurrency. This was done during a recent hearing as the lawmaker pointed out the huge potential of digital assets.
Sen. Hagerty’s request
Sen. Hagerty spoke with CFPB Director Rohit Chopra asking him “not to use the power of his agency to stifle innovation in the cryptocurrency space.” He said that he just wants to make sure that as the agency carries on with its oversight responsibilities,they don’t suppress the innovation of the crypto arena.
Additionally, the lawmaker pointed out that digital ledger technology provides a huge potential if both inclusion and financial innovation were put into play. Hagerty also believes that the realm of cryptocurrency is where the United States is leading, has led, and would like to see the nation continue to lead there. He even highlighted China and its Chinese Communist Party since it has implemented a massive and aggressive crackdown on anything cryptocurrency-related in their country.
CFPB should not pick sides
Chopra, on the other hand, has agreed that his agency should not be picking sides by utilizing both regulation and enforcement. The CFPB director believes that one of his main focuses is the assurance that regulation and enforcement is not giving additional powers to incumbents. He went on to say that what’s needed now is more entry, dynamism, and innovation, adding that for these to be attained, CFPB should not be favoring anyone and empowering incumbents even more.
More accountability
Such statement from Chopra was nodded at by Hagerty but pointed out the expanse of CFPB’s regulatory power as this according to him needs increased accountability.
With that in mind, Hagerty introduced a bill that would render Chopra’s agency to be more accountable to U.S. citizens through a requirement that its funding will be appropriated by the U.S. Congress. As of late, the Federal Reserve is mandated to give whatever funding the CFPB requests that are within certain thresholds.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
