Sen. Scott: We Will Be the Country that ‘Leads in the Cryptocurrency Footprint’ for Generations to Come

RUSH TRANSCRIPT:
BARTIROMO: “Yeah. And I’m glad you mentioned going back to precovid spending levels, because I think, you know, the Biden Biden Administration and Democrats went absolutely crazy spending —“

Scott: “Bonkers.”

BARTIROMO: “— up to $7 trillion in spending. So it’s good to hear you have a plan to get back the precovid.”

Scott: “Yes. Maria: I also a want to to get your take on what’s ahead. You’re looking back, you’re also looking ahead. As the chairman of the Senate banking committee, you’ve been leading the effort to combat debanking, pushing through legislation to curtail the weaponization of federal banks. JPMorgan jpmorgan chase already making big changes to its code of conduct aimed at ending future targeting of conservative customers despite the persistent denial of wrongdoing. What can you tell us about that legislation and your legislation on digital assets. I spoke with the CEOs of tether and the CEO of circle. They’re doing the stable coin, and we want to understand better how the backdrop is going to look for that in terms of legislation. Well, first on debanking, think about, Maria, how ridiculous it is that the United States of — First Lady of the United States was debanked. Melania Trump not allowed a banking account at a certain banks. That is utterly ridiculous. Think about the fact that our cryptocurrency world has not been able to be banked in this country because of something that the regulators use called reputational risk. My legislation eliminates reputational risk as a way of weaponizing the financial industry against our First Lady and industries that are legal in this country. That is great fuse for the American people. It’s like the modern day red-lining. We have to eliminate that so we bank what’s legal and who is worthy of a bank account. Number two, cryptocurrency is here the stay. We want to innovate in America before we overregulate it. We had a framework put in place led by senator hagerty, senator lummis, myself making sure that the stable coin — to understand stable coins. It’s kind of like a travel ther’s check — traveler’s check on the blockchain. It gives more people access to the resources, and it will reduce the cost of doing business in America. A leap in the right direction, we will be the country that leads in the cryptocurrency footprint for generations to come. It’s another promise made by President Trump on the campaign trail, another promise that we’re keeping. And our legislative agenda and priorities, the American people can rest assured that democratization is here to stay, and it will get better and better as we move these bills to the president’s desk to be signed into law.”

BARTIROMO: “Wow.”

Scott: “It was a really good week.”