On Wednesday, The U.S. Senate Banking, Housing, and Urban Affairs Subcommittee on Economic Policy conducted a hearing where it was discussed about the economic relationship between the United States and China. Most of the talk was about technologies like 5G and supply chain dependence.
The topic of cryptocurrency was brought up by Former Commodity Futures Trading Commission Chairman Christopher Giancarlo, which called for the U.S to begin conducting pilot programs to test out different facets of a tokenized dollar.
Also, Senator Tom Cotton supported the modernization of the dollar. He said that it must be even better than bitcoin.
“For us, maintaining the dollar’s supremacy is not only an economic matter; it is a critical strategic matter as well. It is what allows us to have such effective sanction regimes around the world as well as other benefits,” Cotton said.
Furthermore, Walter Russell Mead, the James Clarke Chace Professor of Foreign Affairs and Humanities at Bard College and a member of the Hudson Institute, said that global dependence on the U.S. banking system is one of our most effective tools of power and it must not be taken for granted.
“We have to assume that as the nature of finance changes, the nature of currencies changes, we have to stay at the leading edge of that … innovation, so we do need to be thinking actively about how the dollar can be a fundamental building block for economic activity in this time of the information revolution.”
Moreover, hearings like this demonstrate that cryptocurrency’s acceptance as a mainstream idea is increasing.