The “Crypto Capital” documentary aired at the Great Opportunity Policy’s Christmas party on Tuesday, which detailed Republicans’ efforts to ensure that America dominates in the burgeoning industry.
The Great Opportunity Policy featured leading congressional advocates such as Sens. Cynthia Lummis (R-WY), Bill Hagerty (R-TN), and Senate Banking Committee Chairman Tim Scott (R-SC), alongside other leaders from Capitol Hill, the administration, media, and the crypto industry. Sen. John Husted (R-OH) also attended the event.
“Everything else has evolved, the ways that we communicate, the technology that we use, the ways that we move money has not,” Bo Hines, the former executive director of the President’s Council of Advisors on Digital Assets, said.
The documentary features President Donald Trump saying that he wants “America to be the nation that leads the way” on crypto and Vice President JD Vance, who said that 50 million Americans own Bitcoin and that he believes that it will be 100 million who own Bitcoin before too long.
Lummis, Scott, and Hagerty detail how America was “way behind” laying out a light-touch regulatory framework for the crypto industry, such as stablecoins, which are a digital asset that replicate the value of a fiat currency such as the United States Dollar, but they can be transferred between accounts much faster than the traditional bank ACH transaction.
“Stablecoins could reinforce dollar supremacy,” Treasury Secretary Scott Bessent said.
Scott and congressional Republicans successfully shepherded the GENIUS Act through Congress to provide regulatory clarity for stablecoins, despite the opposition of anti-crypto lawmakers such as progressive leader Sen. Elizabeth Warren (D-MA).
Lummis said that Senate Majority Leader John Thune (R-SD) helped push the bill through the Senate.
“What this does is it establishes the U.S. Dollar as the preferred currency for the digital arena,” Hagerty remarked.
The documentary teased that Republicans are working to pass the Digital Asset Market Clarity Act through Congress that would establish a light-touch market structure for the rest of the crypto industry.
“It’s having clarity in the market structure so as to allow the innovators to innovate here at home in America,” Scott said. “What we had for four years under President Biden is exactly the opposite. We had a chilling effect on innovation.”
Scott told Breitbart News in an interview that Democrats are “trying to put coal in America’s stockings” by blocking efforts to advance pro-growth policies like the market structure bill.
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