Senate Banking Committee Remains Open to Idea of Digital Dollar in Tuesday’s Hearing

Senate Banking Committee Remains Open to Idea of Digital Dollar in Tuesday’s Hearing

U.S. Senator Mike Crapo discussed stablecoins in his opening remarks during a hearing on digitizing money Tuesday. (Chief Mass Communication Specialist F. Julian Carroll/Wikimedia Commons)

Not every U.S. lawmaker is on board with the idea of a central bank digital currency (CBDC) or , but no one explicitly rejected it during a hearing of the powerful Senate Banking Committee Tuesday.

That’s probably the biggest takeaway from , where the panel heard from former regulator turned CBDC evangelist Chris Giancarlo, Paxos CEO Charles Cascarilla and Duke Law professor Nakita Cuttino as expert witnesses. 

The lawmakers present about financial inclusion, including what potential regulations or laws might make digitization easier and more accessible to the unbanked.

“The U.S. needs a digital dollar,” said Senator Tom Cotton (R-Ark.). “The U.S. dollar has to keep earning that place in the global payments system. It has to be better than bitcoin … it has to be better than a digital yuan.”

Other highlights of the hearing:

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