The Subcommittee on Economic Policy, led by Warren is likely going to hold further hearings on the cryptocurrency sector as well, the legislator told Bloomberg. U.S. lawmakers might be warming to a central bank advanced currency (CBDC). But while CBDCs drew some of the consideration during Wednesday’s Senate Banking Committee hearing, the issues around bitcoin (BTC) drew undeniably more consideration from the group of lawmakers, driven most vocally by Sen. Elizabeth Warren (D-Mass.).
The meeting presented probably the sharpest criticism of bitcoin from U.S. lawmakers to date, even as smaller countries. If you need to send cash to somebody else, computerized currency can be easier and faster, Warren said as she opened the meeting. But for those advantages to be understood, the computerized version needs to be secure, stable, and acknowledged all over. In response, MIT Digital Currency Initiative Director Neha Narula brought up that bitcoin’s value is not stable, highlighting the new market drop of about 40%.
Each of the four witnesses Digital Dollar Foundation Director Chris Giancarlo, Narula, Columbia Law’s Lev Menand, and Stanford University’s Darrell Duffie argued that an all-around built advanced dollar would demonstrate useful to the U.S. Warren also trained in bitcoin and other verification of-work cryptocurrencies’ natural cost, saying it draws as much energy as The Netherlands and could use as much energy as each other server farm on Earth before the year’s over.
Sen. Sherrod Brown, who chairs the full Senate Banking Committee, expressed support for the possibility of a Fed-issued CBDC on Wednesday, saying it could supplement a no-charge ledger plan he has proposed. An advanced dollar may also help the U.S. stay up with China, which has been chipping away at the two its own Blockchain-based Services Network and its very own CBDC, the computerized yuan.
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