• US Senator Hagerty discussed cryptocurrency with CFPB Director Chopra.
• Chopra was told by Hagerty not to use power to stop innovation in cryptospace.
• Bill Warner and Senator Warner introduced legislation for the study of digital currency adoptions in China.

U.S. The U.S. senator Bill Hagerty discussed cryptocurrency with Rohit Chopra (newly appointed Consumer Financial Protection Bureau Director). Bill warned Rohit Chopra not that his agency has the ability to suppress innovation in the space of cryptocurrency. After serving as an Ambassador to Japan, Hagerty was elected to the Senate Banking Committee in 2020.

Senator Hagerty stated:

There are many benefits to digital ledger technology in financial inclusion and innovation. It’s an industry where I think the United States is leading, has led, and I’d like to see us continue to lead there. This is especially true when you consider other countries such as China, where the Chinese Communist Party has decided to prohibit private sector activities in this area.

In July, Bill and Senator Mark Warner introduced legislation to study China’s adoption of a digital currency. Notably, Chopra and Hagerty clashed during previous confirmation hearings. Meanwhile, Hagerty introduced a bill to require congressional approval for the bureau’s funding.

In addition, in the Senate floor speech Hagerty opined, “We’re using the crypto market as a pay-for.” But, on the other hand, Chopra criticized Facebook’s adoption of Libra during his time on the Federal Trade Commission and advocated for the Federal Reserve to adopt an instant payment service called FedNow.

Continue reading on CoinQuora