Senator Bill Hagerty (R-TN) called the Republican Party's ongoing embrace of cryptocurrencies a concrete one and reaffirmed presidential nominee Donald Trump's resolve to make the U.S. a "crypto hub."

What Happened: In an interview with Bloomberg Television, Hagerty stated that the party's stance on the asset class has evolved over time, and many including him were initially skeptical. 

"When I began to understand the underlying productivity gains and technology, I thought to myself that we need to make certain it happens in America," the legislator remarked.

Hagerty reiterated Trump's position of creating an ecosystem for cryptocurrencies to thrive in the U.S., and prevent it from moving offshore. 

The senator also slammed the current Joe Biden administration for throttling the growing industry by using regulatory bodies such as the SEC and the CFTC. 

See Also: Trump Odds Tumble Sharply After Biden’s Withdrawal On Crypto Betting Platform; Polymarket Trader Down $72,000 After Betting On Former President

Why It Matters: Hagerty's remarks come in the wake of an energetic pro-cryptocurrency campaign by former President Trump. 

The presidential hopeful made several cryptocurrency-friendly commitments at a recent Bitcoin conference, including an advocacy of a national Bitcoin (CRYPTO: BTC) stockpile. The event was largely attended by Republican politicians. 

Trump had earlier warned that the U.S. must embrace digital currencies to prevent China from dominating the field.

Price Action: At the time of writing, Bitcoin is exchanging hands at $65,786.08, down 1.56% in the last 24 hours, according to data from Benzinga Pro. 

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