The OCC will allow banks to custody crypto, Visa has a digital currency playbook and a digital dollar is essential to America’s economic edge, said experts at a U.S. Senate hearing.
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Digital Dollar Hegemony
The U.S. Senate Banking, Housing and Urban Affairs Subcommittee on Economic Policy conducted a hearing on “Winning the Economic Competition” between China and the U.S. on Wednesday where crypto was cited as a possible tool to maintain U.S. economic supremacy. “This could be interpreted as crypto’s increasing acceptance as a mainstream idea,” CoinDesk’s Nikhilesh De says. Former CFTC Chair Christopher Giancarlo once again called for the U.S. conduct pilot programs using a tokenized dollar. “We have to assume that as the nature of finance changes, the nature of currencies change, we have to stay at the leading edge,” Walter Russell Mead, the James Clarke Chace Professor of Foreign Affairs and Humanities at Bard College and a member of the Hudson Institute, said.
‘The Future of Money’
Visa outlined a digital currency playbook Wednesday, showing its commitment to digital currency’s place in “the future of money.” Already a crypto bridge for tens of millions of merchants, Visa cast its digital currency partnerships as critical to preserving what it said was six decades of innovation. “Extending this legacy into the decades ahead requires continuous innovation and collaboration with” the public and private sector, it said.
Near the Net?
Brooklyn Nets guard Spencer Dinwiddie’s plan to tokenize part of his $34 million NBA contract fell short of its $13.5 million target. Dinwiddie’s issuer SD26 LLC sold just nine of the 90 available tokenized contract shares, priced at $150,000, to eight total investors as…