Regulatory Series on Series: US Senate Foresees Budding Technology & Digital Dollar To Play Crucial Role In Economic Competition

On Wednesday, the U.S. Senate Committee for Banking, Housing and Urban Affairs on Economic Policy remotely conducted a hearing on the trade race between the U.S and Chinese, entitled “Winning the Economic Competition”, wherein the concept of digital dollar is perceived as the conducive tool for the US supremacy.

The sovereign governments and their central banks across the globe have been exploring the essence and the opportunities of CBDC (Central Bank Digital Currency) foreseeing a swift transformation phase in the prevailing finance system.

The crypto-enthusiast at the US-SEC has recently divulged the relationship between a potential digital dollar and independent crypto.

St. Moritz, the crypto-friendly commissioner in a Crypto Finance Conference divulged the immense potential for the digital dollar.

Many of them in the forum didn’t seem to be veterans in crypto-space but consulted about the potential 5G technologies and SCM matters. Moreover, the event has majorly emphasized more on economic relationship between the US and China, and their economic relationships across the globe.

Most importantly, the former Chairman at CFTC (Commodity Futures Trading Commission) Christopher Giancarlo who’s also known as crypto dad, has advocated the U.S. to conduct pilot projects to test the scope of digital dollar.

The witnesses of the forum were Professor Walter Russell Mead, Chace Professor of Foreign Affairs and the Humanities at Bard College, Distinguished Fellow at Hudson Institute, and The Wall Street Journal's Global View columnist; The Honorable Chris Giancarlo, Senior Counsel, Willkie Farr & Gallagher and former Chairman, U.S. Commodity Futures Trading Commission; Mr. Tim Morrison, Senior Fellow, Hudson Institute; Dr. Lisa D. Cook, Professor of Economics and International Relations, Michigan State University; and Mr. Martijn Rasser, Senior Fellow in the Technology and National Security Program at the Center for a New American Security (CNAS).

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