Sen. Bill Hagerty (Bill Hagerty), during a recent speech among a Cato Institute audience, expressed severe critique towards SEC Chair Gary Gensler for curbing crypto innovation. As Congress steps back from its summer recess, Gensler will find himself under examination by Hagerty and other members of the Senate Banking Committee in an SEC oversight hearing scheduled for Sept. 12.
However, Hagerty’s vocal displeasure suggests that the single hearing might not suffice. His push for crypto legislation in 2022 advocates for basic regulations for stablecoins as he criticizes the unwelcoming environment created by Gensler’s treatment towards the U.S. crypto industry, arguing that it harms the growth of crypto operations, while also implicating U.S. banking regulators in creating an environment that deters banks from crypto associations.
Furthermore, he sees that this stifling environment has led to potential investors and expanding crypto companies eyeing overseas regulatory ecosystems. According to Hagerty, this offshoring environment does not serve the U.S crypto sector well.
Nevertheless, the crystal ball paints an uncertain future for crypto legislative efforts. Hagerty recommends a piece-meal approach rather than an all-encompassing, comprehensive one, with his own Stablecoin Transparency Act serving as an example – a two-pager attempting to set up simple, immediate rules.
While this legislative turbulence unfolds, the Senate Banking Committee – under the guidance of Sen. Sherrod Brown – finds itself at the heart of future crypto legislation. Senior Democrats of the committee have presented a rather hush-hush view on the matter.
As the cryptocurrency sector holds its breath, crypto bills advanced to the floor by the House Financial Services Committee await actions from Brown’s panel. As such, the plot thickens in the narrative of future crypto legislation amidst regulatory aversion and the growth and expansion aspirations of the U.S. crypto industry.
Source: Coindesk
