United States Senator Bill Hagerty (R-TN) appeared on Fox Business’s The Bottom Line to discuss recent legislative developments, including President Donald Trump’s policy agenda, the confirmation of key nominees, and new efforts regarding cryptocurrency market structure legislation.
During the interview, Hagerty addressed the upcoming August recess and emphasized his willingness to continue working through scheduled breaks. He stated: “I’m certainly here ready to work through the weekends, ready to work into the recess that we have scheduled. We do have a communication challenge ahead because the Democrats and their liberal media partisan allies have been out telling a story that’s not true about this bill. The elements of this bill are very popular with the United States of America– extending the tax cuts, no tax on tips, and no tax on overtime. If you think about beefing up the military and securing our border, these are all things that the American public not only wants, but they voted for. There’s a lot of good to talk about, and we need to get back to talk about it. But I appreciate the opportunity to do that here. And right now, the American public is already seeing the benefit. The stock market is at an all-time high. We’re seeing great concessions being made by countries all over the world to do more business with America, more investments taking place in America, and blue-collar wages are back on the rise again. On a real and inflation-adjusted basis, blue-collar wages are up again, like they were back when President Trump was in office before. That certainly was not the case when Joe Biden was in office. We have a lot of good news to sell.”
Hagerty also spoke about ongoing efforts in Washington regarding nominee confirmations: “I think we’re going to stay here and work. That’s what the President wants us to do. This would not be necessary— and I want to be clear about this— were it not for the maximum resistance campaign that the Democrats have put in place. This is unprecedented in terms of the number of procedural hoops they have forced us to step through, because their overarching objective is to keep President Trump from seeding his cabinet, from putting his team on the ground. Despite all of their efforts, President Trump keeps winning time and time again. Our border is secure, our economy is moving in the right direction, trade deals are coming in— we’re still winning. It would be even better if we could get our team on the ground. The Democrats are trying to stop us, and we’re just going to have to keep plowing right through. So I’m here to work, through the weekends, whatever it takes to get the team on the field.”
Discussing digital assets legislation following passage of his GENIUS Act stablecoin bill—which aims at opening U.S.-based digital currency markets—Hagerty said: “I take a great deal of pride in my legislation, the GENIUS Act. The stablecoin bill will actually open the market for digital currencies here in the United States. It puts us and our payment system into the 21st century. It brings dollar dominance into the digital arena so that dollar will dominate… That opens door then for market structure which broadens web allows us reach into this innovative market… Innovation needs take place here United States additional market structure legislation necessary… We put discussion draft out week gives broad outline how want approach it how we’re going define various types cryptocurrencies whether securities commodities should regulated by banks SEC [Securities Exchange Commission] or CFTC [Commodity Futures Trading Commission].”
He added details regarding efficiency gains expected from blockchain adoption: “We’re requesting more input from industry I expect get tremendous amount input here We’re looking move along quickly possible I’m looking end September as target deadline get done This creates opportunity drive down costs improve efficiency When thinking speed transactions blockchain efficiency enormous It takes out counterparty risk reduces float system removes friction delivers great economies scale as unfolds.”
The GENIUS Act marks one step among several congressional initiatives aimed at providing regulatory clarity around cryptocurrencies within U.S financial markets.
