Democrats Press CBDC, Crypto Constraints: Republicans Counter
Kicking off Congressional action on CBDC, the hearing today in Senate Banking’s Economic Policy Subcommittee made it clear that, as we forecast (see Client Report DIGITAL6), progressive Democrats such as Chairwoman Warren (D-MA) are strong supporters of a U.S. CBDC that not only facilitates payments, but also supplants retail banks and other private-sector consumer-finance entities. Sen. Warren argued not only that large banks, check-cashers, and others prey on the vulnerable, but also that they and the Fed had adopted a “hide-and-wait” strategy to slow CBDC development.