Nashville Standard

United States Senator Bill Hagerty recently appeared on CNBC's "The Exchange" to express his support for the expansion of cryptocurrency in the United States. Hagerty, who is a member of both the Senate Banking and Foreign Relations Committees, criticized the Biden Administration for its approach to cryptocurrency regulation. He argued that attempts to introduce anti-crypto nominees to the Securities and Exchange Commission (SEC) are hindering innovation.

"As President [Donald] Trump said, we want to be at the cutting edge of innovation here," stated Hagerty. He emphasized the potential for growth in the crypto sector if the U.S. positions itself as a leader in technological advancement. According to him, this could attract significant talent and opportunities.

Hagerty also shared insights into his journey towards supporting cryptocurrency, recalling his time as U.S. Ambassador to Japan during a major cryptocurrency heist involving Coincheck. "But as I dug into the technology and saw the potential of blockchain... it's absolutely amazing," he remarked.

Beyond cryptocurrency, Hagerty discussed other critical sectors like steel, which he described as vital for America's strategic interests. "Steel is an absolutely vital, strategic industry for us," he noted, reflecting on former President Trump's efforts to bolster domestic industry.

On capital markets, Hagerty expressed optimism about incoming SEC Chairman Paul Atkins' leadership and its potential impact on innovation financing. "If we look at our capital markets as the source of competitive advantage that they truly are... we're going to get that with our incoming SEC Chairman," he commented.

Hagerty voiced strong opposition against Caroline Crenshaw's nomination to the SEC, labeling her a climate activist whose policies would undermine competitiveness in capital markets. He cited public disapproval and court decisions as reasons against her appointment.

Finally, Hagerty warned Democrats against pushing through what he termed radical SEC nominees during a lame-duck session. "[Democrats] can expect a strong fight from people like me because this is exactly what we do not need right now," he asserted.