The discussions regarding the rollout of the digital dollar will be relaunched on September 14th.
The House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion is set to reopen debates about Central Bank Digital Currencies (CBDCs) after a period of legislative inactivity.
The meeting, dubbed "The Digital Dollar Dilemma," is scheduled for September 14th.
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The Republican committee members announced on September 7th that the upcoming hearing will explore the ramifications of introducing a CBDC and potential "private sector alternatives."
It is worth noting that this meeting will occur just two weeks before Gary Gensler, the US Securities and Exchange Commission Chair, is expected to testify before the committee.
The topic of CBDCs is not just an issue in Congress; it's also making waves in the 2024 presidential race.
Florida Governor Ron DeSantis, who is currently trailing only former President Donald Trump in the Republican race, declared in July his intentions to prohibit CBDCs should he be elected. Another Republican hopeful, Vivek Ramaswamy, has also expressed reservations about CBDCs, likening them to China's social credit system.
On top of that, the digital dollar was also discussed among well-known entities, including podcaster Joe Rogan and rapper Post Malone. During one of Rogan's podcast episodes, the podcaster claimed that the digital dollar's launch would be a "game over" for the freedoms of American citizens.
The dialogue surrounding CBDCs has led to legislative proposals resolving the complexities tied to the digital dollar's rollout. These include attempts to restrict the Federal Reserve's jurisdiction in issuing a digital dollar. On the state level, some legislatures, such as that of Florida, have even passed bills that prevent the use of CBDCs as an accepted form of payment.
The upcoming House subcommittee hearing represents a revival of the legislative focus on the possibilities and challenges tied to CBDCs in the United States. As digital currencies become an increasingly prominent topic, both in political races and legislative halls, the outcomes of these discussions could shape the financial landscape of the US for years to come.
