ICYMI—Hagerty Joins Kudlow on Fox Business to Discuss GENIUS Act Signing

July 21, 2025

WASHINGTON—Last week, United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee and former U.S. Ambassador to Japan, joined Kudlow on Fox Business live from the White House after President Donald Trump signed his GENIUS Act into law.

*Click the photo above or here to watch*

Partial Transcript


Hagerty on the impact of the GENIUS Act: “What this [the GENIUS Act] does is it takes a payment system that was designed in the 1970s out of business. We go into the blockchain—much more efficient, much more effective. Trades that took five or 10 days to clear now can be done almost instantaneously. If you think about the working capital that comes out of the system, the counterparty risk that goes away, the currency risk if you’re doing a cross-border transaction—all of that is minimized because of the speed of these transactions.”


Hagerty on increased demand for U.S. Treasuries: “In terms of the impact on the dollar and on Treasuries, I think that’s going to be very significant. The demand for U.S. treasuries is going to go up significantly. In fact, every projection shows that stablecoin issuers will become the largest holders of U.S. Treasuries, because every stablecoin in America has to be backed dollar-for-dollar by a U.S. Treasury or cash. That’s going to stimulate Treasury demand. That’s going to have a great impact on rates, bringing them down. It’ll help the Treasury secretary manage much better. And as we look at the environment we’re in right now, with rates too high and the cost of our debt too high, this is going to be a definite help.”

Hagerty on global dollar dominance: “This [the GENIUS Act] will cement the U.S. dollar as the reserve currency of the world. People around the world would much rather own a decentralized, U.S. dollar-denominated currency that they know is backed up by U.S. Treasuries than a Chinese yuan or a euro, currencies that are centralized and controlled by their governments. This is going to be a far better product. And I think what this does is it takes us from being on our heels, which is where we were for the last four years, when the Biden administration waged war on the industry, and moves us into the 21st century.”

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