WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking and Foreign Relations Committees and Former U.S. Ambassador to Japan, today joined The Big Money Show on Fox Business to discuss the upcoming G20 Summit and the Securities and Exchange Commission (SEC)’s overregulation creating uncertainty in the cryptocurrency and blockchain industries.
Hagerty on the upcoming G20 Summit: “I think we have a real opportunity here, and I can speak from some experience, Lydia. Back in 2019, when the G20 was held in Osaka, I was serving as the United States Ambassador to Japan. [I] actually took the President’s seat for one of the four rounds because he was meeting with Xi Jinping at that time. What our G20 allies would be looking for is American leadership. [President] Joe Biden has that opportunity to deliver that, but it needs to be American leadership that encourages more investment between our nations, more trade, more national security opportunities that we can pursue. We need to be encouraging our NATO allies to step up to their defense commitments. What I’m worried about is something along the lines of what happened when we saw the ‘Three Amigos’ conference take place down in Mexico when Joe Biden met with our [United States-Mexico-Canada Agreement] partners from Mexico and Canada, [President Andrés Manuel López Obrador] AMLO and [Prime Minister Justin] Trudeau. Instead of taking advantage of the great economic opportunity, the major points that came out of that were on DEI [Diversity, Equity, and Inclusion] and climate, and if that’s what happens, the biggest winners from the G20 will be those that are not there: Xi Jinping and Vladimir Putin.”
Hagerty on the SEC pushing cryptocurrency offshore: “They’re using the [Federal Deposit Insurance Corporation] and the Federal Reserve supervisors to essentially execute Operation Choke Point 2.0. This time, the targeted industry is the cryptocurrency industry. They’re creating all types of uncertainty. You know, [SEC Chair Gary] Gensler is using the opportunity to enforce via litigation, to regulate via enforcement, and this is creating tremendous uncertainty. What they’re going to do, and this may be their aim, is to push all of the innovation associated with cryptocurrency and the blockchain offshore. They’re paving the way for a Central Bank Digital Currency, and you have to look no further than Communist China to see what they’re doing with the digital Yuan. To see the danger in this: Communist China can use the digital Yuan to determine what you can buy [and] what you can’t buy, where your currency is good, where you can’t spend it, where you can, and they’re pushing that out on an international basis right now. We need to be very concerned about these developments.”