TechFlow News, August 1, according to Decrypt, Tennessee Senator Bill Hagerty announced this week his support for presidential candidate Donald Trump to promote the United States as a cryptocurrency center. In an interview with Bloomberg, he said: "We need to make sure that this innovation happens in the United States." Hagerty compared cryptocurrency to the semiconductor industry, believing that the latter's outflow has weakened the United States' geopolitical position, and accused the Biden administration of pushing the encryption industry overseas and failing to provide the necessary regulatory framework.

Hagerty also reiterated Trump’s promise to fire SEC Chairman Gary Gensler if elected, and said Trump would “end Operation Choke Point,” accusing the administration of a sophisticated crackdown on the crypto industry.