On today's show, Chip Roy dives into the GOP's crypto legislation, which might create a backdoor for central bank digital currency. Meanwhile, Senate Republicans are pushing a huge rescission package to cut more federal spending. And there are Chinese drug cartels running rural Maine. Is your state next?
00:00:39.960But if you listen to the full show, the half hour before really gets into some deep things about the economy and Jerome Powell and what's happening at the Federal Reserve.
00:00:51.300But on this, the best of, Senate Republicans are pushing a huge rescission package to cut more federal spending.
00:00:57.320Senator Eric Schmidt joins the show to lay out the details.
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00:03:37.080There's a lot going on today, and it's our job to keep you informed and help you understand what's happening in the world.
00:03:45.240You know, the Federal Reserve, we've just been talking about that, what's really going on there, what's going on with cutting.
00:03:52.460There were some great things that happened in the Senate yesterday.
00:03:55.080We'll talk about that with one of the senators who passed it through and got it to the president's desk, rescissions, big, about $9 billion of rescissions, which were promised, Doge rescissions, which is very, very good.
00:04:11.020And then there's something else that's happening in the Senate that is called the Genius Act.
00:04:17.140The Genius Act seems really good in some ways.
00:04:22.360It is, it's all about digital currency and stable coins.
00:04:32.280Now, the problem is, is this going to lead us to a CBDC, which is a Federal Reserve digital currency?
00:04:44.900And what's in the Genius Act, as far as what I read, what's in the Genius Act, what the law says, is not a problem.
00:04:53.820I mean, I think there needs to be some things added to it, but the problem is what it normalizes, identity-linked money, federal-approved issuers, and a financial system that rewards obedience and flags dissent.
00:05:09.020And once these pipes are built, the fear is, my fear is, at least, it doesn't take that much for a central bank digital currency to flow right through those pipes.
00:05:19.040It's normalizing things, and in some ways, we have to have some rules on these things.
00:05:27.240But I would really like to see that, you know, you have a very clear right to hold your money in your own wallet, offline and untouchable.
00:05:39.000And a line in the sand in this that says, no CBDCs, not now, not ever.
00:05:45.680And a guarantee that says, private money, earned and saved, remains private and unprogrammed.
00:06:54.100They watered it down a little bit, but it's close.
00:06:56.220Right, and it was kind of on the AIDS thing, which I think is understandable why they, I mean, you have to read the bill to know what that was actually about,
00:07:06.480but it's such an easy target, it's probably worth, you know, losing that $400 million.
00:07:14.360Now, to this point, we told the leadership over the weekend that while we appreciated what they were doing with Stablecoin and the Genius Act,
00:07:23.540and while we would prefer to see us move our house bill, which is a market framework, a broader bill, that's sort of the second piece to this,
00:07:33.340and then thirdly, that we wanted to see, as you point out, a complete and total ban on a central bank digital currency or anything like it.
00:07:44.360So we told the leadership, don't put this on the floor in a rule, right, which is how we operate in the House, without fixing this, making these amendments in order,
00:07:55.820but unfortunately, they didn't listen to us, I say with all due respect.
00:08:03.040Now, to be clear, I was not in the meeting at the White House because I was on the House floor running speeches for the people that were affected by the floods in my district.
00:08:13.040So I was, though, in constant contact with my friends who were at the White House, and I certainly let the White House know that a few of those good guys, like Scott Perry and others, had my proxy.
00:08:25.420But here's another important point, because we're not going to talk about Epstein this morning, but I don't think, unless you want to.
00:09:00.340We need to deal with the market framework.
00:09:02.000But we believe a line in the sand is that we've got to have an emphatic statement from the government of the United States that the government is not going to be tracking your money to prevent you from being able to buy guns, to prevent you from being able to buy gasoline if they want to go to all EVs, to prevent you from being able to live your life freely and be able to monitor your transactions like the Chinese Communist Party.
00:09:44.860We've allowed the Fed to become unwieldy and print all manners of money, and that's part of the problem.
00:09:49.500But here we are, and we've got the ability maybe through the markets to create something good to kind of reclaim autonomy with a stable currency that isn't being messed up by federal bureaucrats.
00:10:02.680But it needs to be done right, and we do not want to, you know, inadvertently or purposely empower these bureaucrats by allowing them to track and use this.
00:10:22.180I've got a lot of faith in the Trump administration, so I give a lot.
00:10:25.820But I don't trust the Senate, so we have to keep forcing the hand.
00:10:29.660So because the president would say, look, I've already done an executive order on this, no CBDC, but an executive order is not the same as legislation.
00:10:38.780I appreciate his executive order, but someday he's going to be gone, and we need it in the law.
00:10:46.680And, you know, I look, I read the Genius Act and trying to understand it, and I think a lot of it, what they're asking for is good.
00:10:54.920They're saying, look, you know, we want one for one.
00:10:57.120You've got to be able to cash this in, you know, so we just don't have all these fake, you know, coins out there.
00:11:03.280So it's tied one to one to the dollar.
00:11:05.460You need to be able to know that this is not terrorist, et cetera, et cetera.
00:11:11.640And so there's some things that the banks already have to do, but this is more than what the banks have to do, it seems.
00:11:20.360And I don't mind that, you know, transactions, I do, actually, I do mind, but I can tolerate transactions over $10,000, you know, spiking up.
00:11:30.360But I don't want to see my money being able to be tracked everywhere, and I'm not doing anything wrong with it.
00:11:37.720I just know how it can be used if the federal government, and I don't want this pipeline ever to be built.
00:11:44.020Right, and there are other aspects to the bill that we're looking at as well that's not just the central bank digital currency, but this notion of self-custody.
00:11:54.460That self-custody means the ability to send crypto without the use of an intermediary.
00:11:58.520Right, and Warren Davidson had an amendment and had language he wanted to improve the Genius Act.
00:12:05.060This is stuff he was already working on in the Clarity Act in the House and trying to make sure that we're minding the store, if you will, through the process of creating these frameworks.
00:12:16.720Look, I want all this to move forward, but if the crypto bros want to be able to do all this stuff, they need to back us up to defend freedom, and they should want to.
00:12:25.920I mean, this is what the whole thing with crypto was all about, was freedom, and I want the freedom.
00:12:31.840I mean, the custody clause is really important.
00:12:35.020Is there any custody clause in it now?
00:12:38.380There is language in there, and that's a result of all of our efforts, but it's not where it needs to be, so that's one of the things we're working on is trying to amend it to make it better, and then we're trying to get a guarantee on the central bank digital currency.
00:12:53.240There's a few other small things, but those are the two top things we're trying to do.
00:12:57.480And what self-custody means, I make my money, I can pull it out of the bank, and I can put it in my wallet or a digital wallet, and it's mine.
00:13:09.720Nobody else can, and I can spend it the way I want to spend it because it's mine.
00:13:13.920If you don't have the self-custody clause in there, it means it's not really yours, because if somebody in the government says, nah, you can't use that to buy an SUV.
00:13:26.740You can't use that to buy fossil fuels.
00:13:30.100We don't really, you know, inflation is getting so bad in this particular area, you're not essential in this area, so we're not going to let your money buy this.
00:13:40.260Because once you have that system, you have total control.
00:13:48.340You're explaining it better than I could, and I think your listeners just need to understand, because everything gets real complex.
00:13:54.260When you have an administration that's doing so many great things, and I mean, truly, just extraordinary things in the face of so much resistance,
00:14:03.360then you want to give them the benefit of the doubt, and we do, to your point about the executive order.
00:14:09.140There are people in leadership who want to protect our freedom and advance this economy and build prosperity,
00:14:14.340but we have to protect against the power of government that has been used to want to do freedom and undermine it,
00:14:20.460whether Republicans or Democrats, we're in charge.
00:14:22.360So, you're right, that's why we're fighting to improve the bill.
00:14:28.200Wherever you are, stop moving, because we're losing you.
00:14:33.140And I do want to ask you, in one minute, your thoughts on Epstein.
00:14:38.600Now that we've gotten through the important stuff, your thoughts quickly on Epstein.
00:14:42.920Look, the American people deserve to know more information than they're getting.
00:14:47.300I also trust the Trump administration to work through this.
00:14:49.820As a former federal prosecutor, what I would tell you is, the one thing we've got to be mindful of,
00:14:54.480when you say, quote, release the files, remember that there are victims, okay?
00:14:59.020And you've got to be careful about that.
00:15:01.180Remember that there are also individuals who might have been in some book or some list that never got on a flight,
00:15:07.640that never had anything to do with this creep, you know, or at least directly, or certainly didn't go to the island.
00:15:12.980So, you've got to be careful about that.
00:15:14.420I think what we need is the autopsy released, the full details that's surrounding the suicide,
00:15:20.440and I think we need the flight logs, which are traditionally public.
00:15:24.260I think we should start with that, get that out there, so people can understand those facts.
00:15:29.920And I think then the Department of Justice owes us sort of an explanation for what are they doing,
00:15:36.040in light of the prosecution of Epstein, in light of the prosecution of Ghislaine Maxwell,
00:15:41.240what is it, are they protecting anyone, who are the people, who else should be prosecuted, and why aren't they being?
00:15:48.360And I think those, I think that methodical approach is the way the Trump administration ought to approach it.
00:15:52.760I think they owe us more information on that front.
00:15:55.080I think we should push for that, but I don't think we should be blind, okay?