Another Hearing on Digital Dollars in US Senate To Feature T...
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Another Hearing on Digital Dollars in US Senate To Feature Three Witnesses

The United States is still debating the notion of a digital dollar and it will once again be before the country’s Congress on June 30.

The United States Senate Committee on Banking, Housing and Urban Affairs scheduled a hearing on the Digitization of Money and Payments for June 30. According to information released regarding the scheduled hearing, three individuals will be witnesses. They include J. Christopher Giancarlo, Charles Cascarilla and Nakita Cuttino. Hence, this suggests the possibility of the hearing to focus on central bank digital currencies and stablecoins.

The witnesses will be: The Honorable J. Christopher Giancarlo, Senior Counsel, Willkie Farr & Gallagher LLP and former Chairman, U.S. Commodity Futures Trading Commission; Mr. Charles Cascarilla, Chief Executive Officer and Co-Founder, Paxos; and Professor Nakita Q. Cuttino, Visiting Assistant Professor of Law, Duke University School of Law.”

In recent times, a subcommittee of the House Financial Services Committee hosted similar hearing which focused on financial inclusion as well as the best quick and efficient means of sending relief funds to United States residents.

During the hearing, witnesses suggested tried-and-proven options towards the development of a new tokenized system. Hence, the hearing scheduled for June 30 by the Committee on Banking, Housing and Urban Affairs might follow the same path.

In Cuttino’s prepared opening remarks for the hearing, she noted that some United States residents might not consider digital banking and payment systems. According to her, low-income Americans have a disproportionate preference for transactions using bank tellers.

Cuttino noted that digital systems have their demerits as about twenty percent of Americans do not have smartphones, thereby limiting their access to digital banking services; likewise, about one in ten Americans lack alternative internet access in their homes. She questioned the business models for central bank digital currencies and stablecoins.

In Cascarilla’s opening testimony, he talked about concerns regarding the accessibility of financial services, noting that banks today have limited hours and accessibility. He mentioned settlement delays in bank transfers, international wires and other activities, bringing about difficulty in managing other payments with any kind of predictability.

Giancarlo is to discuss and advocate for a tokenized version of the USD. In Giancarlo’s prepared testimony, he noted the necessity of building such services for low-income and underbanked communities as priorities from the start

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.