Tomorrow the U.S. House Committee on Financial Services is holding a virtual hearing about the Digital Dollar or central bank digital currency (CBDC).
The event promises to be interesting as two of the speakers hold contrasting positions on the topic. Morgan Ricks, a professor at Vanderbilt University Law School, has previously argued that a digital dollar should allow consumers to hold central bank accounts. In March, Congress released a raft of stimulus bills for COVID-19, and Ricks’ model of FedAccounts made an appearance.
On the other side is Chris Giancarlo, former CFTC Chair and founder of the Digital Dollar Foundation, who has advocated for a tokenized digital dollar, likely based on blockchain or distributed ledger technology (DLT). The Digital Dollar Project was not involved in the drafting of the Congress bills. It released its first whitepaper last week, which makes the argument for tokenization.
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