U.S. senators call for softer approach to crypto regulation to avoid stifling innovation

U.S. Senator Bill Hagerty recently spoke about JPMorgan Chase CEO Jamie Dimon’s controversial remarks about Bitcoin and cryptocurrencies. Following Dimon’s statement at a Senate hearing that he would ban cryptocurrencies and Bitcoin if he were the government, Hagerty commented: “I can understand why big banks are opposed to cryptocurrencies – this technology has the potential to disrupt traditional banking model. This is not a battle in which Washington takes sides. We need to regulate in a gentle way that doesn’t stifle American innovation.” In an interview with Bloomberg, Hagerty was asked whether governments should do more to regulate cryptocurrencies. While acknowledging the potential threat cryptocurrencies pose to traditional banking, he stressed the need to promote innovation rather than stifle it. “We need to look back at the industry,” he stressed, urging Congress to “keep the innovative aspects of the cryptocurrency industry alive and not push it overseas.” (Bitcoin.com) Earlier news, JPMorgan Chase CEO Jamie Dimon told a group of lawmakers on Wednesday: "I have always been very opposed to cryptocurrencies, Bitcoin, etc.," Dimon said in response to a question from Democratic Senator Elizabeth Warren at a Senate Banking Committee hearing. Here’s why cryptocurrencies could be a tool for attracting bad actors. “If I were the government, I would ban it,” Dimon continued, noting that cryptocurrencies can bypass government controls.