Nashville Standard

United States Senator Bill Hagerty (R-TN), a member of the Senate Banking and Foreign Relations Committees, joined Varney & Company on Fox Business to discuss Republicans’ continued commitment to Israel amidst ongoing terror attacks by Hezbollah, President Trump’s plans for a potential national Bitcoin stockpile, and Republicans’ pro-cryptocurrency platform.

Hagerty addressed the Republican stance on supporting Israel: “Stuart, you can be absolutely certain of that. All the Republicans are going to stand steadfast here. We’ve been very clear in all of our messaging. I agree with General Keane. I don’t see how this Administration could hesitate but to step up, but what we’ve seen is this Administration trying to ‘both sides’ the situation in Israel time and time again to provide some sort of support for the activities of Hamas, which is just unconscionable. You look at Hezbollah right now, 12 children were killed [in Israel]. This is a terrible act of terrorism. We need to call it what it is and support Israel as they step up and retaliate.”

Regarding President Trump’s plan for a national Bitcoin stockpile, Hagerty stated: “President Trump announced a very clear plan. He said we’ve got a great deal of Bitcoin already in the coffers of the United States. This is Bitcoin that have been confiscated, et cetera. He’s going to hold onto that. He did not announce a broader program to begin to acquire Bitcoin, but what he talked about was retaining that in our coffers and not selling it, and making that a benchmark that really gives credibility to the Bitcoin currency. Also, he has been much more articulate about what we will do broadly speaking with crypto technology. He’s going to end the war on crypto that’s been waged by this current Administration. He’s going to stand against a Central Bank Digital Currency, which is directly the means and method that this Administration seems to want to deploy just in the same way that China uses its digital yuan as a means of controlling financial transactions in their country."

Hagerty emphasized Republicans' support for cryptocurrency: "I think that's very accurate, Stuart, and I think President Trump's speech made it increasingly clear. If you look at basic principles like liberty and freedom that we stand for—prosperity and innovation—these are Republican principles, and the people in the cryptocurrency arena, the people in crypto technologies as well as Bitcoin, I think fully identify with that because that's the way they see the world too."

He also discussed legislative proposals related to maintaining existing government-held Bitcoin: “Well, I think there are a number of legislative proposals about what might happen beyond what President Trump announced. But what President Trump announced at the conference was the fact that we would be retaining the Bitcoin that's already in possession of U.S. government.”