Tennessee senator Bill Hagerty has vowed to support the Republican nominee Donald Trump in making the US a crypto capital.
In an exclusive interview with Bloomberg Surveillance, Senator Bill Hagerty revealed plans to support Donald Trump’s bid to make the US a burgeoning crypto hub. Trump laid out plans to support crypto once he ascended office in November.
Tennessee Senator Supports Trump Bitcoin Proposal
At the Bitcoin Conference 2024, Trump promised to make the US Bitcoin a superpower, attracting thousands of crypto investors. He vowed to create a strategic Bitcoin national reserve and adhere to the Bitcoin principle of “never sell your crypto.”
His pro-crypto spirit renewed the hopes of thousands of attendees that the US will become a crypto capital. As the crowd cheered and chanted at the Republican nominee, Trump vowed to stop the Biden administration from killing the crypto industry.
He pledged to fire the US Securities and Exchange Commission (SEC) chair, Gary Gensler, on his first day in office. Trump also plans to create a crypto advisory committee to guide policing digital assets.
His speech at the Bitcoin conference was the topic of discussion, with policymakers expressing their different opinions. Addressing the Bloomberg Surveillance, Senator Hagerty stated that realizing the Bitcoin dream in the US was important.
He described crypto as a semiconductor industry that will shield the US from geopolitical tension. Hagerty encouraged the Americans to team up and bring crypto-related innovation to the US.
Crypto Community Support Republican Nominee
Reflecting on the former president’s speech at the Bitcoin conference, Hagerty explained that crypto will have tremendous potential for Americans. The senator urged America to become the leading country in crypto adoption. He remains optimistic that crypto will thrive in the United States.
From his analysis, Senator Hagerty accused Biden’s administration of pushing crypto offshore. Under Biden’s leadership, it was evident that the White House was silently attacking the crypto industry.
Hagerty blamed the Biden administration for failing to provide a comprehensive framework for digital assets, which stifled the growth of the digital sector.
The senator noted that Gensler was among the regulators who attacked the crypto industry under current leadership. Hagerty wholeheartedly supported Trump’s proposal to fire anti-crypto legislators, including the SEC chair.
Even though removing an officer without a substantial reason is unconstitutional, Trump has vowed to eject Gensler from office. A review of the SEC document shows that Gensler will serve for another 17 months before resigning. This implies that even after Trump retakes the White House for the second term, Gensler will act as the SEC chair.
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Despite Trump’s threats, the American Constitution and Securities Exchange Act of 1934 do not allow the president to either remove or demote an officer working for the government.
Moreover, Hagerty applauded Trump for promising to abolish Operation Choke Point, which restricted crypto firms from accessing traditional banks. The 64-year-old politician supports Trump’s bid to end Biden’s hostility on the crypto industry.
During his tenure, Biden enacted a widespread crackdown on the crypto industry, pushing potential investors to offshore markets.
As Trump prepares to end the war on crypto, the key market players have shown their support for the Republican nominee. A few weeks ago, the Winklevoss brothers and the co-founder of Kraken, Jerome Powell, sent a measurable amount of crypto donations to support Trump’s election.
Even though Trump once blasted Bitcoin as a scam, the American presidential candidate has rebranded himself as a crypto-friendly politician. His pro-crypto spirit has inspired the crypto advocate group “Stand with Crypto” to unify the crypto vote.
Other super political action committees (PACs) such as Fairshake, Protect Progress, and Defend American Jobs have raised over $230 million to support pro-crypto candidates vying in the November election.
The prediction market shows the possibility of the pro-crypto candidate winning the election. According to Polymarket, Trump’s winning chance stands at 43%, while the Democrat nominee Kamala Harris’s winning odds reached 38%.
Even though Harris has not stated her stance on crypto, the Democratic presidential candidate is in dialogue with key stakeholders to discuss policies for regulating crypto assets.
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