US Senator Bill Hagerty believes that the US Securities and Exchange Commission (SEC) is seeking to pave the way for a central bank digital currency (CBDC). Hagerty warned about the true goals behind recent legal actions taken against exchanges like Binance and Coinbase, which were accused by the SEC of violating securities laws.
Hagerty, who has previously criticized the SEC’s stance on cryptocurrencies, believes that the organization is pushing trading platforms to leave the United States for one purpose: establishing a single CBDC. Hagerty promotes the idea that the current administration is seeking to kill innovation in the market in favor of the CBDC, which would give the federal government unprecedented visibility into your life.
Hagerty announced that he would confront this initiative and had previously hinted at taking legislative actions against Gary Gensler and the SEC to dismantle the cryptocurrency industry. He had previously criticized the SEC for imposing regulatory guidelines and pledged opposition against them. In April 2022, Hagerty introduced the Stable Transparency Act, which aimed to “provide necessary clarity without handing the keys to unaccountable officials who threaten innovation,” according to his statements.
Hagerty is not the only individual opposing the issuance of a CBDC in the United States. Florida Governor Ron DeSantis has also taken an adversarial stance towards CBDCs, signing a law that does not allow the local or foreign CBDC to be classified as currency. He stated, “The last thing our country needs is a centrally controlled digital currency by the federal government.”
In April, presidential candidate Robert F. Kennedy Jr. warned of the potential dangers of CBDC issuance in the country, explaining that it paves the way for financial surveillance and political manipulation. These opinions reflect the opposition towards the proposed CBDC in the United States, considering it supportive of government control and a threat to financial and political freedom.