Senator Bill Hagerty (R-TN) is spearheading initiatives aimed at positioning Tennessee as a central hub for Bitcoin mining and technological innovation. We believe that there are bipartisan ways to sensibly regulate the cryptocurrency industry. Further, we’re investigating the role of nuclear energy in making Bitcoin mining and AI computing cleaner and greener. Hagerty to lead as primary sponsor of GENIUS Act (S. 1582). For one, the bill provides a clear federal regulatory framework for stablecoins.

Hagerty explained his vision further in an interview at Bitcoin 2024. He emphasized the potential for the United States, and Tennessee in particular, to lead in blockchain technology and related industries.

GENIUS Act and Stablecoin Regulation

The GENIUS Act, which is now being considered in the U.S. Senate, aims to achieve the right regulatory framework for stablecoins. Supporters argue that the bill has the potential to cultivate innovation. One of the biggest concerns raised by critics is its effects on the privacy of Bitcoin wallet users. Hagerty believes the bill is an important first step towards creating a regulatory certainty.

"If you care about the competitiveness of America — if you want to see innovation happen on our shores rather than being pushed overseas — then you’re going to support what we’re trying to do in terms of putting a regulatory framework in place that will deliver certainty, that will create an ecosystem here in America that will allow these companies to thrive." - Senator Hagerty

He argues that this clear framework would foster the right kind of investments and innovation in America from companies which have the means to invest billions of dollars.

Hagerty views regulation of stablecoins and the growing blockchain industry as a cause that ought to cut across partisan lines. He calls for greater bipartisan cooperation to keep America on the cutting edge of innovation.

"[These are] bipartisan — or nonpartisan issue[s] — frankly" - Senator Hagerty

Energy Production and Bitcoin Mining

One of the most important aspects of Hagerty’s vision is using Tennessee’s energy resources to power Bitcoin mining operations and AI supercomputers. He envisions construction of a fleet of nuclear facilities to produce the cheap, plentiful energy that will be necessary for these industries.

"The largest utility in the world is the Tennessee Valley Authority — certainly the largest one in America — and I think we’ve got a unique opportunity here to move forward and become the energy hub of America." - Senator Hagerty

Hagerty is hoping this will be an opportunity to make Tennessee the nation’s new energy corridor. This historic transformation will spur economic development and create thousands of jobs across the state.

America’s success in the 21st century and beyond will depend on our ability to harness the potential of blockchain technology. This is what Hagerty believes. He is devoted to creating a world where blockchain-based businesses and technologies can succeed in the United States.

"We’ve got great opportunities [from] Memphis all the way across the state." - Senator Hagerty

Blockchain Technology and American Leadership

He warns that aggressive policies will be needed to keep America on top in this fast-developing sector.

"It’s not just the stablecoin legislation I’m putting forward or what may happen with Bitcoin or other technologies like that. It’s the overall blockchain technology that’s going to help advance America beyond the 21st century. We need to stay in the lead. We can stay in the lead." - Senator Hagerty

He emphasizes the importance of proactive policies to maintain America's competitive edge in this rapidly evolving field.

"We have an opportunity before us to be in the very lead" - Senator Hagerty