Kofi Mensah US Senator Bill Hagerty Raises Concerns over SEC Actions Facilitating CBDC Implementation
Bill Hagerty, a senator from Tennessee, has expressed his apprehensions regarding the Securities and Exchange Commission’s (SEC) recent actions against cryptocurrency platforms in the United States. He believes that these legal measures, aimed at exchanges like Coinbase and Binance, are driven by an ulterior motive: eliminating potential competitors for a government-issued central bank digital currency (CBDC).
Senator Bill Hagerty Argues SEC’s Intent to Clear the Path for CBDC
Senator Bill Hagerty has voiced his concerns about the underlying objectives behind the SEC’s recent legal actions targeting exchanges accused of violating securities laws, such as Coinbase and Binance.
Hagerty, a staunch critic of the SEC’s stance on cryptocurrencies, contends that the regulatory body is intentionally pushing these platforms out of the US market. He believes that the ultimate goal is to establish a singular CBDC controlled by the federal government.
In his statement, Hagerty said:
“Gary Gensler is finally acknowledging what was previously left unsaid: the Biden administration seeks to stifle market innovation to pave the way for a CBDC, which would grant unprecedented governmental oversight into people’s lives.”
As a member of the US Senate Committee on Banking, Housing, and Urban Affairs, Hagerty pledges to oppose this initiative. He previously hinted at potential congressional actions against Gary Gensler and the SEC for leveraging their roles to suppress the cryptocurrency industry.
Hagerty emphasized:
“It is indefensible to allow a company to go public and then obstruct their efforts to register.”
The senator had previously criticized the SEC for disguising regulations as guidance and vowed to push back against such actions. In April 2022, Hagerty introduced the Stablecoin Transparency Act, which aims to provide much-needed clarity without granting excessive power to unaccountable bureaucrats that could impede innovation, according to his statements.
Resistance to CBDC Implementation
Senator Hagerty is not the only opponent of a potential CBDC in the United States. Governor Ron DeSantis of Florida has also taken an anti-CBDC stance by enacting a law that does not recognize national and foreign CBDCs as legal tender. He argued:
“The last thing our nation needs is a centrally controlled bank digital currency (CBDC) manipulated by the Biden administration.”
In April, presidential hopeful Robert F. Kennedy Jr. cautioned against the potential hazards of introducing a CBDC in the country, asserting that “CBDCs pave the way for financial enslavement and political tyranny.”
What are your thoughts on Senator Bill Hagerty’s remarks regarding the recent SEC actions? Share your opinions in the comments section below.
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Frequently Asked Questions (FAQs) about CBDC implementation
What are the concerns raised by US Senator Bill Hagerty regarding SEC actions?
US Senator Bill Hagerty has expressed concerns about the motives behind the Securities and Exchange Commission’s (SEC) recent actions against cryptocurrency platforms. He believes that these actions are aimed at eliminating potential competitors for a government-issued central bank digital currency (CBDC).
What does Senator Hagerty believe is the true objective behind the lawsuits against Coinbase and Binance?
Senator Hagerty believes that the lawsuits against Coinbase and Binance by the SEC are intended to remove potential competitors for a future CBDC. He argues that the SEC’s actions are part of a broader strategy to pave the way for a government-controlled digital currency.
What action does Senator Hagerty plan to take against the SEC’s initiative?
As a member of the US Senate Committee on Banking, Housing, and Urban Affairs, Senator Hagerty has pledged to combat the SEC’s initiative. He has hinted at potential congressional action against Gary Gensler, the SEC chairman, and the agency for allegedly “weaponizing” their roles to suppress the cryptocurrency industry.
Are there any other public figures opposing the implementation of a CBDC?
Yes, Governor Ron DeSantis of Florida has also taken a stand against the implementation of a CBDC. He has signed a law that does not recognize national and foreign CBDCs as legal tender. Governor DeSantis believes that a centrally controlled digital currency could be manipulated by the Biden administration and is not in the best interest of the country.
What other concerns have been raised about the potential issuance of a CBDC?
Other concerns raised include fears of financial slavery and political tyranny associated with the introduction of a CBDC. Some individuals, such as Robert F. Kennedy Jr., have cautioned that CBDCs could lead to increased government control and infringement on personal freedoms.
More about CBDC implementation
- US Senator Bill Hagerty’s official website
- Securities and Exchange Commission (SEC) official website
- Coinbase official website
- Binance official website
- Stablecoin Transparency Act
- Florida Governor Ron DeSantis’ official website
- Robert F. Kennedy Jr.’s official website
5 comments
Bill Hagerty makes a good point about the SEC’s actions against crypto platforms. They seem fishy, you know? Like they’re trying to eliminate competition for a government-controlled digital currency. Can’t trust ’em!
Finally, someone like Hagerty speaking up against the SEC’s attack on exchanges. They’re playin’ dirty, man. Pushin’ ’em out of the US to make way for a centralized digital currency? That’s messed up!
Hagerty’s got it right. The SEC is tryna kill market innovation and control our lives with a CBDC. We need people like him in Congress to fight back and protect our freedom in the crypto world.
Kudos to Bill Hagerty for callin’ out the SEC’s shady tactics. They’re weaponizing their power to stifle the crypto industry. It’s about time someone stood up against ’em and their plans for a government-issued digital currency.
I totally agree with Hagerty’s concerns about the SEC’s actions. They’re tryin’ to strangle the innovation and progress we’ve seen in the crypto space. We don’t need a CBDC controlled by the government. Let the people have their freedom!