Ted Budd (R-NC) told Breitbart News in an exclusive interview Monday that the cryptocurrency regulations in the so-called bipartisan infrastructure bill are “devastating” for American jobs and the country’s competitiveness in the financial technology industry.

Budd, who represents the tech-friendly state of North Carolina, swiftly denounced the provision, contending that it would undermine American leadership in the industry and kill American jobs.

Budd said that the proposal would be “devastating” for North Carolina’s banking industry — especially in the “Research Triangle” of Raleigh, Durham, and Chapel Hill — which has outpaced San Francisco, California, and rivals New York, New York.

“When you look in the triangle area which is Raleigh, Durham, Chapel Hill, I mean tremendous innovation there, you look at the second-largest banking center in the country, around Charlotte, you know, right behind New York and ahead of the financial aspects of San Francisco,” Budd said.

“This is devastating; we [North Carolina] have so much software technology, financial innovation, technology innovation coming out of these areas, our state.

By negotiating the makeup of the bill and advancing the legislation, they could be supporting legislation that could annihilate North Carolina’s banking industry.