Show-Me State Times

U.S. Senator Eric Schmitt (R-Mo.) appeared on Fox News’ The Story with Martha MacCallum to discuss two recent legislative efforts: the passage of a new cryptocurrency law and a federal spending rescissions package.

Schmitt expressed support for the cryptocurrency legislation, which was recently signed into law by President Trump. He credited Senators Bill Hagerty and Cynthia Lummis for their leadership on the bill, as well as David Sachs, who he referred to as “President Trump’s Crypto Czar.” Schmitt said the law marks the first time a regulatory framework has been established for cryptocurrencies in the United States. According to Schmitt, stablecoins—cryptocurrencies tied directly to the value of the U.S. dollar—are central to providing stability and confidence in this sector.

“I was proud to support this bill. Senators Bill Hagerty and Cynthia Lummis were real champions leading this bill in the Senate. But really it was President trump coming on stage and lending his support for the cryptocurrency industry. You heard from David Sachs [President Trump’s Crypto Czar] who is a very bright guy and help shepherd this through. It’s the first time there’s been a regulatory framework or rules of the road in the crypto space. The stable coin, the thing that is easy to understand, is that it is a dollar-for-dollar tie that adds stability and gives confidence. It’s really important for the United States of America to take the lead on cryptocurrencies because there are other competitors. China and the BRICS alliance would love nothing more than to disrupt America’s crypto industry. If you zoom back, this is a huge victory that people have been talking about for years. The first six of the administration, just look at the victories. You talk about the One Big Beautiful Bill and what that means for middle-class families. You have the rescission package. But also, things like this bill, that are very innovative. It’s been an incredibly successful first six months of this historic administration. This is another example,” Schmitt said.

Schmitt also discussed his role as sponsor of a rescissions package aimed at reducing federal spending by eliminating certain allocations considered wasteful by supporters of the measure.

“You have a lot of people in Washington who like to spend more and more of other people’s money. It’s an addiction. I was excited to be the sponsor for the rescissions package, manage it on the floor, and work with the White House and my senate colleagues. The way I put it to them is – this is a test. A test of our political will to listen to the voters.They sent a message loud and clear in November they are tired of wasteful spending.DOGE and President Trump identified where the wasteful spending was.Now it was up to us to actually deliver on that when it came from the administration.And we did it.It’s a really important signal being sent that there is a new effort in this town to rein in the wasteful spending.The $9 billion – which is $90 billionin a 10-year window – is a lotof money.Where I come from that’s a lotof money.It also sends a signalthat, with President Trump in officeand Republicans in charge,we can reinin wasteful spending.We could spend the whole show onit, but this was money for things like DEI training in Burma,“Sesame Street”in Iraq,and sex change operations in Guatemala.All paid for with your taxpayer dollars.We did something that people have been talking about for 40 years.We got the federal government out ofthe businessof subsidizing NPRandthe Corporationfor Public Broadcasting.They are woke, biased,and ideologically captured.They don’t deserve tax dollars,” Schmitt said.

The cryptocurrency legislation sets out formal rules for digital assets after years without comprehensive regulation at https://www.congress.gov/bill/118th-congress/senate-bill/2045/text?s=1&r=1&q=%7B%22search%22%3A%5B%22cryptocurrency+regulation%22%5D%7D . Proponents argue such frameworks will allow American companies greater certainty as they compete globally.

The rescissions package proposes canceling funds previously approved by Congress but deemed unnecessary or duplicative by its backers at https://www.cbo.gov/publication/58921 . The measure includes reductions affecting areas such as foreign aid programs and funding for public broadcasting.