TechFlow reported on August 1, citing Decrypt, that Tennessee Senator Bill Hagerty announced his support this week for presidential candidate Donald Trump, advocating for the U.S. to become a cryptocurrency hub. In an interview with Bloomberg, he stated, "We need to make sure this innovation happens in America." Hagerty compared the crypto industry to the semiconductor sector, arguing that the offshoring of the latter weakened America's geopolitical standing, and criticized the Biden administration for pushing the crypto industry overseas by failing to provide a necessary regulatory framework.
Hagerty also reiterated Trump's pledge to fire Securities and Exchange Commission (SEC) Chair Gary Gensler if elected, saying Trump would "end Operation Choke Point," accusing the government of carrying out a complex crackdown on the crypto industry.
