June 10, 2021

Senate Committee examines digital currency

Yesterday, NAFCU’s award-winning advocacy team monitored a Senate Banking Subcommittee hearing to examine the Capitol Hill digital dollar. The hearing largely focused on ensuring privacy, security, and countering China’s attempts to become the reserve currency.

During the hearing, Senators focused on the challenges and merits of a digital currency. Additionally, there was a discussion by the subcommittee on how a digital dollar could help unbanked people have access to digital dollars.

The witnesses all agreed on the need for a central bank digital currency and stressed that the digital dollar should also have the ability to be loaded on a card. 

Witnesses at the hearing were the following:

  • Dr. Neha Narula – Director, Digital Currency Initiative, MIT - Testimony
  • Mr. Lev Menand - Academic Fellow And Lecturer In Law, Columbia Law School – Testimony
  • The Honorable J. Christopher Giancarlo - Senior Counsel, Willkie Farr & Gallagher – Testimony
  • Dr. Darrell Duffie - Adams Distinguished Professor Of Management And Professor Of Finance, Stanford University Graduate School of Business – Testimony

NAFCU remains committed to ensuring a level playing field for credit unions and continuously monitors the financial services landscape for potential changes that could impact the industry.