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Senate Hearing Sees Digital Dollar as a Tool for Economic Supremacy


The idea of a U.S. digital dollar is no longer a fringe novelty. Now, it may be a means to an end. The U.S. Senate Banking, Housing and Urban Affairs Subcommittee on Economic Policy conducted a hearing on “Winning the Economic Competition” between China and the U.S. on Wednesday. Once again, the idea of a Federal Reserve-administered central bank digital currency reared its head. Much of the hearing was about America’s economic relationship with China, and both nations’ economic relationships with the rest of the world. Four of the five speakers had no close ties to the crypto space, and discussed issues like supply chain dependence and technologies like 5G. Rather than focus a major part of the hearing on crypto, as two previous hearings did, crypto was brought up as one of many possible tools to maintain U.S. economic supremacy. This could be interpreted as crypto’s increasing acceptance as a mainstream idea. Former Commodity Futures Trading Commission Chairman Christopher Giancarlo, a longtime advocate for a digital dollar and one of Wednesday’s witnesses, once again called for the U.S. to begin conducting pilot programs to test out different facets of a tokenized dollar. Read More...



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