

The Readback: Crypto craziness
Jul 19, 2025
Dive into the chaotic world of crypto as the House GOP faces major challenges during a tumultuous Crypto Week. Discover the legislative battles brewing around stablecoins and Central Bank Digital Currency, with conservative lawmakers pushing back. Tension rises between the Federal Reserve and the White House over costs related to renovations, adding to the drama. The hosts lighten the mood by discussing tennis court reservations and recommending political literature, inviting listeners to share their favorites.
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Crypto Legislation Advances Despite Turmoil
- The House passed three major crypto bills after initial disruptions due to concerns about central bank digital currencies (CBDCs).
- The bills signal the first crypto legislation potentially signed by former President Trump, marking a milestone in crypto regulation.
Conservative Push Against CBDC
- Conservatives nervously opposed the idea of a Federal Reserve-issued digital dollar without an express ban in legislation.
- This led to political conflict, including failure to include anti-CBDC language in key crypto bills, shifting the fight to the defense appropriations bill.
Jay Powell Under Political Pressure
- Federal Reserve Chair Jay Powell faces political pressure amid controversy over a costly Fed building renovation.
- President Trump seeks to remove Powell to replace him with monetary policy doves favoring lower interest rates.