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<p><strong>US Senator Bill Hagerty <a href="https://news.bitcoin.com/us-senator-bill-hagerty-warns-sec-actions-pave-the-way-for-a-cbdc/" target="_blank" rel="noopener">speculates</a> that by weakening the crypto industry with its attacks the SEC is paving the way for a CBDC.</strong></p>
<h2 style="text-align: center;" id="concerns-about-sec">Concerns About SEC</h2>
<p>US Senator Bill Hagerty has expressed concerns about recent actions taken by the Securities and Exchange Commission (SEC) against cryptocurrency platforms in the country. He believes that these actions are driven by a hidden agenda to eliminate potential competitors to a government-issued central bank digital currency (CBDC).</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">.<a href="https://twitter.com/GaryGensler?ref_src=twsrc%5Etfw">@GaryGensler</a> is finally saying the quiet part out loud: the Biden Admin wants to kill market innovation to pave the way for a CBDC, which would give the federal gov. unprecedented insight into your life.</p>
<p>I will fight to make sure this doesn’t happen. <a href="https://t.co/CV4QxaZCSE">https://t.co/CV4QxaZCSE</a></p>
<p>— Senator Bill Hagerty (@SenatorHagerty) <a href="https://twitter.com/SenatorHagerty/status/1666520128589013015?ref_src=twsrc%5Etfw">June 7, 2023</a></p></blockquote>
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<h2 style="text-align: center;" id="hagerty-8217-s-opposition-to-sec-actions">Hagerty&#8217;s Opposition to SEC Actions</h2>
<p>Senator Bill Hagerty, a vocal critic of the SEC&#8217;s stance on cryptocurrencies, believes that the organization is intentionally driving cryptocurrency platforms out of the US. He argues that their objective is to pave the way for the establishment of a single CBDC. Hagerty accuses Gary Gensler, the SEC chairman, of revealing the true intentions behind these actions, claiming that the Biden administration wants to stifle market innovation to make room for a CBDC.</p>
<h2 style="text-align: center;" id="hagerty-8217-s-plan-of-action">Hagerty&#8217;s Plan of Action</h2>
<p>As a member of the US Senate Committee on Banking, Housing, and Urban Affairs, Hagerty pledges to fight against this initiative. He previously hinted at potential congressional action against Gensler and the SEC for misusing their authority to undermine the cryptocurrency industry. Hagerty finds it indefensible that companies like Coinbase and Binance are allowed to go public but face obstacles when trying to register with regulatory authorities.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">The <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw">@SECGov</a> is weaponizing their role to kill an industry. Allowing a company to list publicly and then stonewalling their attempts to register is indefensible. <a href="https://twitter.com/GaryGensler?ref_src=twsrc%5Etfw">@GaryGensler</a>, expect to hear from Congress.<a href="https://t.co/GdprSW1Yns">https://t.co/GdprSW1Yns</a></p>
<p>— Senator Bill Hagerty (@SenatorHagerty) <a href="https://twitter.com/SenatorHagerty/status/1666127979947208722?ref_src=twsrc%5Etfw">June 6, 2023</a></p></blockquote>
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<h2 style="text-align: center;" id="opposition-to-cbdc-agenda">Opposition to CBDC Agenda</h2>
<p>Senator Hagerty is not alone in his opposition to the potential introduction of a CBDC in the US. Florida governor Ron DeSantis also takes <a href="https://walletinvestor.com/magazinadmin/ron-desantis-launches-presidential-bid-with-elon-musk/" target="_blank" rel="noopener">a strong anti-CBDC stance</a> and signed a law preventing national and foreign CBDCs from being classified as legal tender. DeSantis believes that a federally controlled CBDC could be weaponized by the Biden administration, posing a threat to the country. Similarly, Robert F. Kennedy Jr., a presidential hopeful, warns that CBDCs could lead to financial slavery and political tyranny.</p>
<h2 style="text-align: center;" id="understanding-the-changes-to-the-uniform-commercial-code">Understanding the Changes to the Uniform Commercial Code</h2>
<p>The Uniform Commercial Code (UCC), <a href="https://www.cato.org/blog/ucc-paving-way-cbdc" target="_blank" rel="noopener">a set of laws governing commercial transactions</a> in the US, has recently undergone amendments related to the definition of money. These changes have raised concerns that states may be quietly banning Bitcoin and preparing the ground for CBDCs. However, the reality is more nuanced.</p>
<h2 style="text-align: center;" id="explanation-of-ucc-updates">Explanation of UCC Updates</h2>
<p>The UCC amendments, proposed after years of work, aim to update the code in response to new technologies. The focal point of concern is the proposal to redefine money within the UCC. The addition to the definition seeks to exclude cryptocurrencies like Bitcoin from being considered money under the UCC, given their existence before government authorization and adoption.</p>
<h2 style="text-align: center;" id="excluding-bitcoin-from-the-ucc-8217-s-definition-of-money">Excluding Bitcoin from the UCC&#8217;s Definition of Money</h2>
<p>This exclusion is not a prohibition on Bitcoin but rather a distinction between its status as money within the UCC and its treatment in other contexts. By defining Bitcoin as a controllable electronic record (CER), the UCC aims to address the legal challenges that arise from treating Bitcoin as money. The creation of the CER category could also accommodate other cryptocurrencies.</p>
<h2 style="text-align: center;" id="relationship-between-ucc-updates-and-cbdcs">Relationship Between UCC Updates and CBDCs</h2>
<p>While the UCC amendments do not create, mint, or issue a CBDC, they do introduce a new category for electronic money, influenced by countries adopting CBDCs. Although it may make CBDCs easier to use within the UCC, it does not directly pave the way for their introduction.</p>
<h2 style="text-align: center;" id="conclusion">Conclusion</h2>
<p>Although concerns about the introduction of CBDCs and the impact on cryptocurrencies are valid, the UCC amendments do not appear to be a Trojan Horse enabling CBDCs. Vigilance against CBDCs should focus on federal-level actions. Senator Hagerty&#8217;s opposition to SEC actions reflects a broader sentiment among politicians and experts who raise valid concerns about the potential risks associated with CBDCs.</p>

US Senator Warns SEC Actions Open the Door for a CBDC

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