US Should Launch Digital Dollar Pilot, Legislators Told

Law360 (June 30, 2020, 6:17 PM EDT) -- Members of the Senate Banking Committee were told Tuesday that they should encourage the U.S. Department of the Treasury and the Federal Reserve to launch a central bank digital currency pilot program to avoid being left behind as other nations move ahead on their own digital currency projects.

J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission and current senior counsel at Willkie Farr & Gallagher LLP, urged members of the U.S. Senate Committee on Banking, Housing and Urban Affairs to press agencies to run a pilot program for a tokenized digital dollar. Not doing so could precipitate...

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