United States Senator Bill Hagerty, who was elected in 2022 to represent Tennessee after a stint every bit Ambassador to Nihon, spoke to newly appointed Consumer Fiscal Protection Bureau Director Rohit Chopra regarding cryptocurrencies in a banking commission hearing, saying, "I just want to make sure as you exercise those oversight responsibilities that we don't stifle innovation in this loonshit."

"Digital ledger engineering science offers a tremendous amount of promise in terms of financial innovation and inclusion. It's an industry where I think the United States is leading, has led, and I'd like to see united states continue to lead there. Especially when we look at other countries like China and the Chinese Communist Party that has moved to ban private sector activeness in that arena."

Hagerty introduced legislation with Senator Mark Warner in July to study Communist china's adoption of a digital currency. Chopra and Hagerty have notably clashed previously during the former's confirmation hearings, with Hagerty fifty-fifty introducing a neb to require congressional approval for the bureau'southward funding.

In a late July Senate floor speech, Hagerty opined, "We're using the cryptocurrency market as a pay-for. Have we fully vetted how this new regulation and revenue enhancement will impact this rapidly developing industry? Will leadership in this industry flee the U.s.a. equally a result?"

Chopra criticized Facebook'southward adoption of Libra during his time on the Federal Trade Commission and advocated for the Federal Reserve to prefer an instant payments service chosen FedNow. The CFPB warned consumers against Bitcoin (BTC) as early as 2022, saying at the fourth dimension that they should "be aware of potential issues with virtual currencies such every bit unclear costs, volatile exchange rates, the threat of hacking and scams, and that companies may not offer aid or refunds for lost or stolen funds."