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slash UK slash AI for people. After gaining bipartisan support in the House and Senate, the Genius

Act was signed into law by President Trump

last month. The act aims to build trust in digital money by ensuring it is backed by U.S.

dollars or U.S. Treasury bonds. Proponents say this added regulation keeps innovation in the U.S.

and strengthens the U.S. dollar. But critics worry it will favor big banks only and could put more control in the

government's hands. In this episode, we speak to one of the architects of the bill, Senator Bill

Haggardie of Tennessee. I'm Daily Wire executive editor John Bickley with Georgia Howe. It's Saturday,

August 30th, and this is a weekend edition of Morning Wire. Joining us now to break down the Genius Act is one of its architects, Tennessee Senator Bill Haggerty. Senator, thank you so much for joining us. Certainly. It's great to be with you this morning. It's good to be in the studio with you. Yes, yes indeed. So the Genius Act, it's hard to imagine not voting for something called the Genius Act, but first of all, what exactly is it? So the Genius Act is very simply taking our payment system into the 21st century. It allows for digital

assets to be utilized here in America. Prior to the enactment of this piece of legislation,

digital assets in America were basically under attack. Four years of Biden's administration essentially shoved this

entire technology offshore. Those who did try to operate here in America were constantly under fear

of being prosecuted by the SEC, the DOJ, you name it. They did everything they could to

debank people in the industry. There's a strong push to stop this.

And the reason I think they wanted to stop it is because it's decentralized in its very nature.

The Biden administration, Elizabeth Warren, a major proponent of this, wanted to see a central bank digital currency, something that they could control, centralize and control.

That's the exact opposite of what we're doing here. We're allowing private issuers to step in. It could be a bank. It could be a non-bank financial institution that's registered with the Office of the Compactual of the Currency, but a registered institution who files all the necessary disclosures to prove that every one of these digital dollars is backed up dollar

for dollar with the u.s treasury security so it's solid it's stable it's safe but the most important

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