US Senator Says Lack of Regulatory Clarity is Driving Crypto Outside the United States

cryptonews.com:

Senator Bill Hagerty (R-Tenn.) has said that the lack of regulatory clarity in the United States is creating an unfavorable environment, driving crypto companies outside the country. 

"It is a terrible environment. For those companies who are trying to invest and expand, it’s forcing them to look overseas to more favorable regulatory environments," Hagerty said while addressing an audience at the Cato Institute, a libertarian-leaning think tank.

The Senator also highlighted the need for comprehensive cryptocurrency legislation in the US.

The call for clearer crypto regulations comes as regulatory agencies such as the Securities and Exchange Commission (SEC) continue to take enforcement actions, much to the dismay of the crypto industry. 

Back in June, the commission sued both Binance, the world's largest cryptocurrency exchange, and Coinbase, the largest US-based cryptocurrency exchange, for operating as unregistered exchanges and offering unregistered securities, among other charges.  

Hagerty has emerged as a prominent voice in the Senate regarding crypto matters. 

While he hasn't introduced any bills this year, he has written public letters to key officials advocating for clearer digital asset regulations.

During the Cato event, Hagerty emphasized the need for an incremental approach to crypto legislation, pointing out a concise two-page stablecoin bill he introduced in 2021 as an example. 

"I admire my colleagues, but it seems that they value the legislation based on how many pages are in it."

Hagerty criticized the SEC's "regulation by enforcement" approach and called for more oversight hearings involving SEC Chair Gary Gensler, rather than relying solely on the agency's actions. 

He expressed confusion over Gensler's staunch